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2013 (5) TMI 130 - HC - Income TaxDisallowing a loss as a speculative loss - The issue was whether the loss was genuine or not -Held that:- The Tribunal ought not to have remitted the matter to the Assessing Officer for a consideration afresh on the issue of the said loss claim - The only issue that was to be decided by the Tribunal was whether the said loss was speculative or was towards damages for breach of contract in respect of two contracts - The factum of the loss being genuine was not in issue - Therefore, no useful purpose would be served by remitting the matter to the Assessing Officer. The impugned order to the extent that it remits the matter to the Assessing Officer for a consideration afresh needs to be set aside - The matter is restored to the Tribunal for deciding the question as to whether the loss was speculative in nature or whether it was towards damages for breach of contract as claimed by the assessee - With these directions, the appeal stands disposed of.
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