Judgment

SUBBA RAO, J. :- These l6 appeals are filed against the Judgment of the High Court of Judicature at Madras and raise the question of the effect of the Debtor and Creditor (Occupation Period) Ordinance No. XLll of 1948 of Malaya, hereinafter called the Ordinance, on the liability of the assessee to pay income-tax in respect of pre-occupation debts revised thereunder.

2. During the last World War Japan occupied Malaya. During the period of their occupancy i. e., from February, 1942 to September, 1945, they introduced their own currency in dollars. During that period both the currencies were in vogue though there was a progressive depreciation of Japanese currency in its relation to Malayan currency. On September 5, 1945, the British Government reoccupied Malaya and introduced the Malayan currency as legal tender in place of Japanese currency. The Indian nationals, who were carrying on business in Malaya during the period of Japanese occupation, were hit adversely and suffered losses. The Government of India came to their rescue and by Notification dated August 14, 1947, they propounded a scheme to give them relief by allowing them to set off the losses incurred by them during