I. P. Mukerji, J. - (1.) The judgment to be delivered by brother Md. Nizamuddin, J. at my invitation, is to be treated as the first judgment of the Court. However, I would like to add a few words of my own.
(2.) What has assumed importance in this case is the interpretation that has to be given to the words 'principal business'.
(3.) Mr. Murarka submits that apart from the business of purchase and sale of shares the assessee company carries on the business of granting loans, advances etc. and has a significant income from other sources as shown in their profit and loss account for the relevant financial year. Therefore, the business of purchase and sale of shares is not their principal business. Hence it is entitled to adjust the loss incurred by them by trading in shares against their business income.;