Loss

Counsel representing a party has full authority to make any statement on behalf of his client and if a party was aggrieved of any acts of the counsel, regarding professional duties performed by him, in case of loss suffered by it, the remedy available to such a litigant was to file suit for damages against such counsel or approach the concerned Bar Council for initiation of proceedings for commission of alleged gross professional misconduct in view of provisions of Legal Practitioners and Bar Councils Act, 1973 and rules made thereunder.

Loss when sustained-Indian Income-tax Act, 1922, S. 24(1), (2).

Loss-Dealing ire shares- Whether business or Investment-Question of mixed law and fact-Finding of Tribunal- Interference by High Court-Guiding principles.

Loss Question of fact-Hedging transactions-Burden of proof-Indian Income-tax Act, 1911, Ss. 10 & 14(1), Explanation 1, proviso (a)-[Joseph John v. Commissioner of Income-tax (1964) 51 I T R 322 reversed).

Loss Loss-Set off-Share of loss in unregistered firm-Whether can be set of against partner's other income-Indian Income tax Act, 1922, S. 24(1), proviso 2.

Loss in speculative business - Whether can be set off against profits of other business in the same year-Indian Income-tax Act, 1912, Ss. 10 (1) & 24 (1), prov. (1).

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.

Loss Business loss-Banking company-Loss of cash by dacoity-Whether trading loss-Indian income-tax Act, 1922, S. 10 (1).

Loss Loss-Loss in speculative transactions-Whether deductible from business income-Indian Income-tax Act, 1922, S. 10(2)(xv).

Time of occurrence-Forward business-Post dated cheque issued and receipt obtained before account year-Cheque cashed within account year-Loss when occurs.

Garments supplied to military authorities out of materials supplied by them-Short delivery-Loss of garments spread over many years-Demand and recovery in account year­ Loss whether deductible-Mercantile system of accounting.

S. 24 (2)-Loss-Set-of ­Assessee using machinery himself during earlier years-Loss ­Lease of machinery during accounting year-Loss of earlier years whether can be set-off against income of accounting year. The assessee company which owned an oil and rice mill, manufactured ground-nut oil and cake and sold them, leased the entire mill during the relevant year at a rent of Rs. 3,000 per month. The assessee also sold a small quantity of oil and ground-nut which it had in stock at the beginning of the year. The Department and the Tribunal refused to set-off the loss it had sustained in the earlier years against the profits realized during that year on the ground that the lease of the mill was not the same business as that carried on by the assessee during the earlier years, viz., the manufacture of ground-nut oil and cake and the sale of the products thereof. On a reference: