Set Of

Set-off - Speculation business-Loss in speculation whether can be set-of against other business profits of the same year-Indian Income-tax Act, 1922, S. 24(1), prov. (i) (after amendment in 1954), prov. (ii) (prior to amendment in 1954)-[Jagannath Mahadeo Prasad v. Commissioner of Incometax (1965) 55 I T R 501 and Gauri Dutt Bhagwan Das v. Commissioner of Income-tax (1965) 56 I T R 423 reversed.

S. 24(1) - Loss - Set-off -Continuation of business, necessary for claiming set-off of loss from total income-Functioning of Bank closed in pursuance of winding up order but income from property and interest on securities continuing to accrue Liquidation expenses incurred by defunct Bank, held, cannot be set-off against income accruing from properly and from interest on securities.

Set Of -Principles-Set off against profits of any other business-Loss in speculative business-Whether can be set off against profits of other business-Speculative transaction-Test Scope of Expl. 2 to S. 24 (1)-Interpretation of Statutes-Taxing Acts-Indian Income-tax Act, 1922, Ss. 10, 24 (1), prov., Expl. 2.

Ss. 10 & 24 (1)-Loss-Set-off-Loss in foreign partnership-Whether can be set-off against profits of Indian business-Scope of Ss. 10 and 24.

S. 24(2)-Loss-Set-off`-Same business'-Determination depends upon facts and circumstances of each case-Share of loss infirm where assessee has ceased to be partner-Set-off-Not admissible against share of profit from another firm.

Business-Loss-Set off-Loss in speculation-Profits from other business-Interpretation of statutes operation of proviso to section.

S. 24 (2)-Loss-Set-off-Loss in speculation business-Profit in cloth business-Assessee whether entitled to set-off-Speculation business and cloth business whether "the same business."

Court Fees Act (II of 1872) Sch.1, Art. 1.

Equitable-Whether not subject to Court-fees-Civil Procedure Code (V of 1908), O.VIII. r. 6 and O. XX, r. 19 (3) ; Schedule IV-Court-fee Act (III of 1870)), S, 7 (1), Schedule 1, Art. 1.