1971 (7) TMI 10

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....tled to set-off the loss of Rs. 21,881 incurred by him in speculative business towards the profits earned by him in his other businesses of non-speculative nature in the same accounting year. The relevant assessment year is 1953-1954 and the relevant previous year was from July 6, 1951, to June 24, 1952. Following its earlier decision in Jagannath Mahadeo Prasad v. Commissioner of Income-tax, the ....