K.S.Hegde, J.

(1) THESE appeals are connected with Civil Nos. 1813, 1848 and 1849 of 1967 which we disposed of on 23/07/1971. C. I. T. v. Datmia Jain & Co. Ltd., (1972) 83 ITR 438 (SCC). All these appeals were dealt with by a common judgment by the High court, in references under Section 66(1) of the Indian Income Tax Act, 1922. The question arising for decision in these appeals is whether some of the losses incurred by the assessee are trading losses or not. The.Tribunalhas answered that question in favour of the assessee and the finding of the tribunal has been accepted by the High court.

(2) THE assessee is a Limited Company acting as. Selling Agents of various companies and also carrying on business in shares in Jute as also in speculation. The assessment years with which we are concerned in these appeals are 1952-53 and 1953-54. For the year 1952-53, the assessee returned a total income of Rs. 1,78,508.00 and for the year 1953-54, it returned an income of Rs. 1,08,573.00. In respect of the first year, the assessee claimed a loss of Rs. 19,42,243.00 and in respect of the second year a loss of Rs. 10,40,409.00 in respect of sale of certain shares. (Th