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2014 (4) TMI 346 - AT - Income TaxRectification of order u/s 254 of the Act – Recall of order - Jobbing loss treated as speculation income u/s 43(5) of the Act – Held that:- The contention of the assessee challenges the order on its merits, and which is even otherwise outside the scope of the rectification proceedings u/s 254(2), so that the same would stand ousted on that ground as well - The decision under reference rests on the interpretation of section 43(5)(c) - the decision is not applicable in deciding the issue under reference - the matter having been restored by the tribunal back to the file of the AO - the decision, if and to the extent relevant, would become binding in-as-much as there is no estoppel against law - The onus to show that the same is applicable though would only be on the assessee – there is no merit in the assessee’s contention – Decided against Assessee. Non-disposal of grounds by the Tribunal – Non-grant of depreciation on BSE card – Held that:- The assessee's contention is correct, and the ground was pleaded by the assessee with reference to Techno Shares and Stocks Ltd. vs. CIT [2010 (9) TMI 6 - SUPREME COURT OF INDIA ] - There is no mention of 'not pressing' the ground in the order – thus, the recall of appeal is allowed – Decided in favuor of Assessee.
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