1977 (1) TMI 12

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..... 54,934 suffered by the assessee in its transactions in hessian and gunny bags, which were concluded by transfer of P.D.Os. is loss arising from speculative transactions under Explanation 2 to section 24(1) of the Indian Income-tax Act, 1922 ? (b) If the question No. 1 is answered in the affirmative, whether, on the facts and in the circumstances of the case, the loss of Rs. 54,934 could be set off against the profit from other business activities of the assessee under section 10(1) notwithstanding the provisions contained in the first proviso to section 24(1) of the Indian Income-tax Act, 1922 ? " Following the decision of the Supreme Court in the case of Raghunath Prasad Poddar v. Commissioner of Income-tax [1973] 90 ITR 140, we have re .....

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..... f the matter the Supreme Court overruled the view in the case of Raghunath Prasad Poddar [1973] 90 ITR 140. In these circumstances, the revenue has made this application asking for an order that the judgment and order in this case dated the 27th June, 1974, passed by us be rectified or modified or reviewed. The question is, is that possible ? The scope of reconsideration or re-examination by courts is not uncharted. On behalf of the revenue it was stated that the application was made under section 151 of the Code of Civil Procedure. But to maintain an application under section 151 of the Code of Civil Procedure it must be on a ground which is not expressly or impliedly prohibited by any other provisions of the Code of Civil Procedure. Ord .....

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..... he Full Bench was concerned with certain obvious errors in the judgment. Admittedly, such errors had crept in the judgment and the court held it had power to rectify such errors. The position in the instant case is different. This application is also belated. We gave our decision in June, 1974. The Supreme Court delivered its judgment on 31st of July, 1975, and the notice of motion in respect of the present application was taken out on 1st of July, 1976. In paragraph 20 of the petition it has been stated that the senior authorised representative drew the notice of the Commissioner of Income-tax, West Bengal, on the 16th of January, 1976, to the views of the Tribunal when its attention was drawn to the subsequent decision of the Supreme Cou .....

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