Law:

Section:

Section 71 of the Income-tax Act, 1961 [Corresponding to section 24(1) of the Indian Income-tax Act, 1922] - Losses - Set off of from one head against income from an other - Assessment year 1959-60 - Whether loss in speculation business could be set off against other business income - Held, no FACTS Assessee claimed loss on account of speculation in gold, silver, etc. and urged that the said speculative loss should be deducted from his other business income. The ITO rejected that claim. The order of the ITO was upheld by the Appellate Assistant Commissioner. The revision petition before the Commissioner under section 33A of 1922 Act was also dismissed. The High Court, however, following its decision in Jagannath Mahadeo Prasad v. Commissioner of Income-tax [1965] 55 ITR 501 (All.), allowed the writ petition and quashed the assessment order. On appeal to Supreme Court. HELD The decision in Jagannath Mahadeo Prasad's case (supra ) was overruled by the decision of the Supreme Court in Commissioner of Income-tax v. Jagannath Mahadeo Prasad [1969] 71 ITR 296 (SC). In this view of the matter the order passed by the High Court was to be set aside. Note : Decision in favour of revenue. JUDGMENT Hegde, J.-This appeal by certificate arises from the decision of the Allahabad High Court in Civil Misc. Writ Petition No. 228 of 1962. The assessee was assessed to income-tax for the assessment year 1959-60. He claimed a loss of Rs. 37,306…

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