COMMISSIONER OF INCOME TAX Vs. RAMNATH GOENKA

JUDGEMENT

(1.) THE assessment years with which we are concerned are 1980-81 and 1981-82.

(2.) THE common question referred to us for consideration, at the instance of the Revenue, is "whether, on the facts and in the circumstances of the case, the Appellate Tribunal was correct in law in holding that the business loss brought forward from earlier years should be set off towards the dividend income ?"

(3.) SECTION 71 of the Income-tax Act, 1961, is similar to SECTION 24(1) of the 1922 Act and permits the set off of losses computed under one head against income computed under another head in the same assessment year.