9911796707
TMI Blog2012 (6) TMI 182X X X X Extracts X X X X X X X X Extracts X X X X ..... ed 11.3.2011 passed for asstt. year 2006-07. In the first ground of appeal revenue has pleaded that Ld. CIT(A) has erred in allowing the setting off the claim of the assessee in respect of brought forward speculation loss amounting to Rs. 28,10,923/- against the speculative income. 2. The brief facts of the case are that assessee is an individual. He has filed his return of income on 30th July, 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee in dealing with future options, where no delivery was taken or given. Thus it deserves to be treated as speculative income. He also submitted that assessee has brought forward speculative losses of earlier years. Set off be granted to the assessee. Ld. AO rejected the claim of assessee on the ground that such a claim was not made in the return of income. 3. On appeal Ld. First Appell ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assigned any reason for not granting the set off of income against brought forward losses. He simply observed that assessee has not made this claim in the original return filed by him. The assessee has pointed out that this income was duly declared by him but under a different head. Its computation is to be made logically by giving the benefit of brought forward losses etc. Ld. First Appellate Au ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e further pointed out that a sum of Rs. 1,10,695/- would be available with the assessee as per the provision of section 80E which represent security transaction tax and by assessing this amount as a business income the tax component would come at Rs. 1,03,392/- assessee would get some refund. When this aspect was confronted to the Ld. DR, he on verification of the record did not press the second g ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
