KARSONDAS RANCHHODDASS Vs. COMMISSIONER OF INCOME TAX BOMBAY

JUDGEMENT

(1.) THE facts and the circumstances under which this reference arose have already been stated in our order of 16th July, 1969, and it is unnecessary to repeat them. By that order for the reasons stated in the penultimate paragraph we reframed one of the questions and called for a fresh statement of the case. The questions as reframed are as follows :

(2.) THE assessment year with which we are concerned is 1954-55 corresponding to the account year 2009 Samvat year. The dispute concerns an item of Rs. 44, 190 which the assessee claimed as a loss incurred in the year of account from his business of purchase and sale of shares. When the matter came before us on the earlier occasion we found that the department had merely taken into account the position of dealings with shares namely, 1954-56. It was urged before us that the dealings of the assessee in the subsequent years to which a reference had been made in the statement of the case could also have been taken note of and that the Tribunal erred in ignoring those facts of the assessee's dealings with shares in the subsequent years.

(3.) BY our order of 16th July, 1959, we accepted the contention of the assessee and, after reframing the question, called for a fresh statement of the case from the Tribunal with advertence to the facts of the assessee's dealings subsequent to the assessment year 1954-55.