1977 (1) TMI 12

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....stances of the case, the loss of Rs. 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 ....

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....me-tax [1966] 61 ITR 154. In that view of 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 provi....