1969 (1) TMI 9

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..... ny other head of income - Held, yes - - - - - Dated:- 23-1-1969 - Judge(s) : RAMAPRASADA RAO., VEERASWAMI. JUDGMENT The judgment of the court was delivered by VEERASWAMI J.- These two references are connected and come before us at the instance of the Commissioner. They pertain to the assessment year 1958-59. The two questions are: " 1. Whether on the facts and in the circumstances of t .....

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..... case, the Appellate Tribunal should not have set off the capital gains against the business loss to be carried forward ? " What the Appellate Assistant Commissioner did was, he added the capital gains to the net business loss for purposes of carrying over. One of the grounds of appeal by the Commissioner before the Tribunal was that the capital gains should be treated as on the revenue side and .....

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..... tative but not dealt with by it. Even so, in the circumstances of this case, as it appears to us, it is not necessary to dispose of the reference in such a way as to enable the Tribunal to deal with the appeal afresh on the present ground. It is obvious in view of section 24(1) of the Income-tax Act, 1922, that though capital gains constitute a different head of income, nevertheless the gains made .....

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