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2013 (4) TMI 189 - ALLAHABAD HIGH COURTSet off of speculative losses u/s 73 - reassessment - Speculative business loss in share trading activities are adjusted towards profits of business of the company - Held that:- In [2012 (6) TMI 38 - ALLAHABAD HIGH COURT], it was held that the petitioner is covered under Explanation to Section-73 of the Act and is entitled to set off the losses from sale and purchase of the share in the profits of the business of the company from loans and advances. As the controversy involved in this writ petition has already been decided by this Court between the parties [2012 (6) TMI 38 - ALLAHABAD HIGH COURT] for another assessment year and it has been held that the petitioner is entitled to set off the losses from sale and purchase of the share in the profits of the business of the company from loans and advances as such there is no justification for reassessment proceedings started by the Assessing Officer for the Assessment Year 1999-2000, on this very ground - The writ petition succeeds and is allowed - The notices U/s 148 of the Act and U/s 142 (1) of the Act, initiating proceedings for re-assessment are quashed - The parties shall bear their own costs.
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