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2014 (6) TMI 598 - AT - Income TaxAdmission of additional grounds - Addition of STCG as Business income – Trading of derivates - Held that:- Assessee had suffered loss on trading of derivatives which has been reflected by Assessee as speculation loss in the return of income - the profits earned on sale of shares which were treated by Assessee as short term capital gains was considered as business by the Assessee - the loss suffered from trading of derivatives was not considered as business loss through as per the provisions of the Act, it is a business loss and therefore eligible for set off against the other income – Relying upon National Thermal Power Company Limited Versus Commissioner of Income-Tax [1996 (12) TMI 7 - SUPREME Court] the Tribunal has jurisdiction to examine a question of law which arises from the facts as found by the authorities below and having a bearing on the tax liability of the Assessee notwithstanding the fact that the same was not raised before the lower authorities. Additional ground of the Assessee admitted - the additional ground raised for the first time, thus, the matter is liable to be remitted back to the AO for fresh adjudication – Decided partly in favour of Assesee.
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