TMI Blog2013 (5) TMI 78X X X X Extracts X X X X X X X X Extracts X X X X ..... l have to be keep in mind the period of limitation prescribed u/s. 153(2A) and pass order in light of the same. Admittedly, the limitation in the present case expires on 31-3-03. The appeal of the assessee is posted for hearing on 28-5-2013 As the limitation provided u/s. 153(2A) would expire by the time of the appeal is disposed of - stay cannot be granted to the assessee against the operation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 263 of the Act was due to be passed by 31-3-2013. It was the submission that in the order passed u/s. 263 the learned CIT, Kolkata-III had directed that the loss suffered by the assessee company in the trading in its own account in the cash segment was liable to be treated as speculation loss as per provisions of section 73 and the explanation thereof. It was the submission that consequential ord ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of proceeding and harassment to the assessee with the possibility of the proceedings before the AO become meaningless, if ultimately the order passed by the CIT is found to be invalid on grounds of jurisdiction or on merits and also to ensure that the fruits of the success in the appeals are not rendered meaningless or nugatory. He further placed reliance on the decision of the Hon'ble A.P High C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bject matter of the appeal is found to be rightly passed, as the appeal is posted for hearing on 28- 5-2013, which is beyond the period of limitation being 31-3-2013, the extended period for excluding the period of stay would not be available to the AO for passing the order giving effect to the order passed u/s. 263. It was the submission that the stay should not be granted to the assessee. 5. W ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee is posted for hearing on 28-5-2013. In these circumstances, as the limitation provided u/s. 153(2A) would expire by the time of the appeal is disposed of, stay cannot be granted to the assessee against the operation of the order passed u/s. 263 of the Act. On this ground itself the stay petition filed by the assessee stands dismissed. However, taking into consideration the prayer on beh ..... X X X X Extracts X X X X X X X X Extracts X X X X
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