Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (8) TMI 457 - AT - Income TaxRevision u/s 263 - AO holding Loss incurred to be “Speculative Loss” - Held that:- It is an admitted case that the assessee is not the member of NCDEX and it is also admitted case that during the 263 proceedings before the ld Commissioner that the profit of physical delivery of the commodities were not received by the assessee. However during this proceedings, the assessee had produced the bills of purchase and sale of the commodities case and had also filed an affidavit support of his case, the effect of these documents and affidavit shall be dealt by us in the separate proceedings in the matter in Appeal number 446/14. In our view, the observation of the ld CIT that loss caused to the assessee on account of speculative business as concluded by the ld CIT on the basis of the material available with him, cannot be permitted to be set off U/s 72 of the Act. Therefore, in our view, the order of the assessing officer, whereby he kept the speculation loss as business loss is erroneous and prejudicial to the interest of the revenue as the ld Assessing Officer has allowed the setting of the speculative loss of ₹ 18,31,596/- against the business income of the assessee - Decided against assessee.
|