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2009 (4) TMI 412 - HC - Income TaxRevision- in this case the Commissioner (Appeals) passed the revision order under section 263 of the Act. But the contention of the assessee was that before exercising this power, the Commissioner has to be satisfied that the order of the Assessing Officer is erroneous and it is prejudicial to the interest of revenue. Held that- the Tribunal found that the Assessing Officer made necessary enquiries before accepting the claim of the assessee with regard to the speculation profits. The Assessing Officer rightly, while computing the income of the assessee, first set off the profit from speculation business against the carried forward speculation loss. Thus dismiss the appeal of revenue.
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