MOHANLAL HIRALAL Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) UNDER s. 66(1) of the Indian IT Act, the Tribunal, Bombay, referred the following question:

(2.) THE question now referred to us is :

(3.) THE assessee, an individual, who is a resident and an ordinary resident of British India, was a partner in various registered firms in British India in the year ending Divali 1944 which is the "previous year" of the asst. yr. 1945 -46. Setting off losses of his share income in some firms against the share income in the others, his total income from the business of the several registered firms in British India, of which he was a partner, was Rs. 44,074. His income from property was computed at Rs. 5,398. The assessee was a partner in the relevant year in a firm at Jaipur, in an Indian State, where he suffered a share loss of Rs. 7,226. His claim for deduction of this loss was negatived by the IT authorities and the Tribunal.