1957 (5) TMI 11 - SC - Income Tax

Whether interest on securities was a part of bank's income from business carried on by it?

Whether the assessee was entitled to set off the carried over loss of the previous year against income during the assessment year?

Held that:- The appeal would be allowed and the case remitted to the High Court for a fresh decision of the reference after getting from the Tribunal a fuller statement of facts about this part of the case, whether the securities in question were a part of the trading assets held by the assessee in the course of its business as a banker. Appeal allowed. Case remanded.