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2012 (5) TMI 362 - ITAT, AHMEDABADRevision u/s 263 - Disallowance u/s 14A - speculation loss - carry forward of the balance of speculation loss - held that:- since the eligibility period of carry forward of speculation loss incurred in the year 2001-02 has already expired in the assessment year 2005-06, the ld. AO had wrongly allowed the assessee to carry forward of the balance speculation loss of Rs.80.15 crores as claimed by the assessee beyond 2005-06. - it is evident that the AO has not applied his mind on the issues. - The ld. AO has not made a clear finding whether the assessee is entitled to carry forward the speculation losses beyond four years by virtue of the amendments brought in the Act for the relevant assessment year. Further the ld.CIT has also not adjudicated the issue but only remitted the matter back to the file of the AO to re-do the assessment after due consideration and as per law. - matter remanded back.
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