TMI Blog2013 (3) TMI 516X X X X Extracts X X X X X X X X Extracts X X X X ..... ng Officer of the earlier order which was passed in order to give effect to the order of the Tribunal. The Assessing Officer in the table which has been extracted earlier has in his computation commenced with a total income as computed in the order of the Assessing Officer dated 27 December 2010 (viz., a loss of Rs.16.82 crores). The Assessing Officer has not purported to exercise the jurisdiction under section 154. Once effect was given to the order of the Tribunal by the passing of an order under section 254 on 27 December 2010, that order could have been modified or set aside only by following a procedure which is known to the Income-tax Act, 1961. What the Assessing Officer has done by the impugned order is to conduct a substantive ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uminous details filed before us supporting the assessee's claim and on perusal of the orders of the A.O. and the CIT(A), we are of the opinion that the A.O. has disallowed the clams (sic) on certain general principles about the Ketan Parekh group cases and observations of the JPC and SEBI without examining the individual details of the assessee company for the impugned year. In view of this, we are of the opinion that the matter requires re-examination by the A.O. It is also noticed that in the case of Sai Mangal Investrade Ltd. relied upon by the CIT(A) in the order, the Coordinate Bench vide order dated 25.11.2009 has accepted that the transactions are genuine and the loss claimed pertains to valuation of stock at cost or net realisable v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs.13,63,33,822 Revised Total Loss Rs.16,82,20,357" 4. Subsequently, another order was passed by the Assessing Officer on 27 December 2011 purporting to be under section 143(3) read with section 254 computing the income of the assessee as follows:- Description Amount (Rs.) Amount (Rs.) Total income determined vide order giving effect to the order of the Hon'ble ITAT (16,82,11,235/-) Add: Loss on share trading delivery based as discussed above. 2,67,62,566/- Add: Loss on share trading non-delivery based as discussed above. 10,95,62,134/- 13,63,24,700/- Net Total Income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ect to the order of the Tribunal, his successor in office had no jurisdiction to pass a fresh order dated 27 December 2011. The impugned order dated 27 December 2011 in fact reflects an awareness of the Assessing Officer of the earlier order which was passed in order to give effect to the order of the Tribunal. The Assessing Officer in the table which has been extracted earlier has in his computation commenced with a total income as computed in the order of the Assessing Officer dated 27 December 2010 (viz., a loss of Rs.16.82 crores). The Assessing Officer has not purported to exercise the jurisdiction under section 154. Once effect was given to the order of the Tribunal by the passing of an order under section 254 on 27 December 2010, tha ..... X X X X Extracts X X X X X X X X Extracts X X X X
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