TMI Blog2011 (6) TMI 50X X X X Extracts X X X X X X X X Extracts X X X X ..... ed:- 16-6-2011 - Mr. Justice Bhaskar Bhattacharya, Mr. Justice Sambuddha Chakrabarti, JJ. For the Appellant: Dr. Debi Pal, Mr. Somak Basu. For the Respondent: Mrs. Sunita Das Dey. Bhaskar Bhattacharya, J.: 1. This appeal is at the instance of the assessee and is directed against an order dated 6th August, 2003, passed by the Income-tax Appellate Tribunal, C Bench, Kolkata, in ITA No.1146(Kol) of 2001 relating to the Assessment Year 1997-98 dismissing the appeal preferred by the assessee. 2. Being dissatisfied, the assessee has come up with the present appeal. 3. The facts leading to the filing of this appeal may be summed up thus: a) The appellant before us is a company incorporated under the Companies Act, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vance of the appellant before the said Appellate Forum was that the Assessing Officer should not have treated the business loss of Rs.18,41,11,592/- as speculation loss by invoking the explanation to Section 73 of the Act. In other words, according to the appellant, the Explanation to Section 73 of the Act was not applicable to the appellant and the same was purely a business loss and, therefore, the appellant was entitled to carry forward the same in the next Assessment Year. f) The Commissioner of Income-tax (Appeals), however, by order dated 13th March, 2011 dismissed the appeal by affirming the order of the Assessing Officer. g) Being dissatisfied, the appellant preferred an appeal before the Income-tax Appellate Tribunal and by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the present case and thereafter restored the matter to the file of the Assessing Officer for recomputation of loss? 5. In this appeal, the appellant came up with an application under Order 41 Rule 27 of the Code of Civil Procedure for taking into consideration some additional evidence including the orders passed by the Tribunal of B Bench, Kolkata in ITA No.1086/Cal/2000 relating to Assessment Year 1995-96 of the appellant as also the order of B Bench of the Tribunal in ITA NO.1531(Kol) of 2005 relating to the Assessment Year 1996-97 showing that in those orders, it has been held that the principal business of the appellant was that of granting loans and advances and as such, the case of the appellant had fallen within the exceptio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the other provisions of this Chapter, be carried forward to the following assessment year, and (i) it shall be set off against the profits and gains, if any, of any speculation business carried on by him assessable for that assessment year; and (ii) if the loss cannot be wholly so set off, the amount of loss not so set off shall be carried forward to the following assessment year and so on. (3) In respect of allowance on account of depreciation or capital expenditure on scientific research, the provisions of sub-section (2) of Section 72 shall apply in relation to speculation business as they apply in relation to any other business. (4) No loss shall be carried forward under this section for more than four assessment year ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... incurred in the purchase and sale of shares treating the same as business loss. It appears that while passing such orders, the Tribunal also took into consideration the balance sheet of the appellant for the Assessment Year 1997-98 with which we are concerned. 11. It further appears that the aforesaid orders of the Tribunal in respect of those three Assessment Years have attained finality as either the appeal preferred against such order in this High Court has been dismissed or the application for condonation of delay in preferring such appeal has been dismissed by this Court. 12. We, therefore, find that in the facts of the present case, the order passed by the Tribunal below should be set aside and the question formulated by this Cou ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
