SHADI RAM GANGA PRASAD Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) AT the instance of the assessee, Messrs. Shadi Ram Ganga Prasad (hereinafter referred to as the assessee), the Income-tax Appellate Tribunal, Allahabad Bench (hereinafter referred to as the Tribunal), has submitted a statement of case and referred the following question of law to this court under section 66 (1) of the Income-tax Act, 1922 (hereinafter referred to as the Act) :

(2.) THE present case relates to the assessment year 1949-50.

(3.) THE argument if that the expression from the same business means that particular business amongst many in which loss has occurred. It is urged that in the present case the same business would be business from speculation. We are unable to agree. In our opinion, the expression from the same business, profession or vocation means the business, profession or vocation which has been carried forward from the preceding year and not a new business, profession or vocation.