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1962 (10) TMI 49 - SC - Income TaxWhether there was any legal admissible evidence to justify that the transactions in question was not the transaction of the assessee? Whether the assessee firm can set off the loss Rs. 1,05,641 against its other profits from its other business? Held that:- Appeal allowed in part. High Court did not exceed its powers in examining the evidence in support of the inference of the Income-tax Officer that no business was done in company with Damji but the assessee firm took over some of his losses. The answer of the High Court to the first question is therefore upheld. High Court's answer to the second question is set aside.
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