TMI Blog1967 (5) TMI 15X X X X Extracts X X X X X X X X Extracts X X X X ..... and in the circumstances of the case, the assessee is entitled to deduct the entire loss from milling business of Rs. 57,980 relating to assessment year 1948-49 from the profits of the same business in the material year or only the loss as reduced by the speculation profits of 1948-49 ? " The present case relates to the assessment year 1949-50. The assessee is a Hindu undivided family and carries on milling as also speculation business. The profit and loss position of the preceding three years is as follows : -------------------------------------------------------------------------------------------------------------------------------------------------- Assessment Total profit Profit or loss Profit or loss year or loss as from sp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s Rs. 2,57,831, fixed the net business income of the assessee for the year 1959-60 at Rs. 1,40,628. The assessee also received an income from property this year which the Income-tax Officer added back with the result that the assessment was made on Rs. 1,50,713. The assessee appealed to the Appellate Assistant Commissioner and to the Tribunal successively but without success. Thereafter, as already stated earlier, the present reference to this court was made by the Tribunal at the instance of the assessee. The contention of the assessee before us, as it was before the Tribunal and the Appellate Assistant Commissioner, is that in the year 1948-49 the profit earned in the speculation business should have been set off towards the loss of R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the following year, and so on ; but no loss shall be so carried forward for more than six years... " The argument is that the expression " from the same business " means that particular business amongst many in which loss has occurred. It is urged that in the present case the same business would be business from speculation. We are unable to agree. In our opinion, the expression " from the same business, profession or vocation " means the business, profession or vocation which has been carried forward from the preceding year and not a new business, profession or vocation. It would appear that this sub-section also uses the words " other heads of income ". Section 6 of the Act enumerates the following six heads of income chargeable to in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ans a business that is carried forward as a whole without keeping any distinction inter se between the several kinds of business that an assessee may be carrying on. In that view of the matter we are satisfied that the Income-tax Officer was right in deducting a sum of Rs. 36,266, the profits in the speculation business in the year 1948-49, from Rs. 57,980, the loss in the milling business. For this reason the Income-tax Officer was right in showing the loss in the year 1948-49 at the figure of Rs. 21,714. In our judgment, the Tribunal and the Appellate Assistant Commissioner were right in affirming the assessment made by the Income-tax Officer. For the reasons mentioned above, we answer the question referred to us by saying that the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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