COMMISSIONER OF INCOME TAX Vs. DHARAMCHAND JALAN

JUDGEMENT

(1.) THE assessment of the assessee for the year 1958 -59 was completed by the ITO on January 31, 1962, and the total income assessable to tax was found to be Rs. 51,479. Partial relief was given to the assessee, in appeal, by the AAC, who reduced the total income to Rs. 49,008.

(2.) THE assessment proceedings were, however, reopened by the ITO, and Rs. 3,000 was added to the total income on account of the value of perquisites received by the assessee in the form of rent for the residential accommodation from Bharat Barrel and Drum ., of which he was the director. A further sum of Rs. 100 was added on account of dividend income received on the shares in that company held by him.

(3.) ARISING out of this order of the Tribunal, the following two questions have been referred at the instance of the Revenue: '(1) Whether, the assessee was entitled to claim set -off of the loss of Rs. 3,221 being his share of the loss in the unregistered firm of M/s. Lokenath Tolaram ? (2) Whether, on the fact and in the circumstances of the case, the assessee was entitled to claim set -off of the loss Rs. 3,221 in the reassessment proceedings ?'