TMI Blog2013 (5) TMI 130X X X X Extracts X X X X X X X X Extracts X X X X ..... her the said loss was speculative or was towards damages for breach of contract in respect of two contracts - The factum of the loss being genuine was not in issue - Therefore, no useful purpose would be served by remitting the matter to the Assessing Officer. The impugned order to the extent that it remits the matter to the Assessing Officer for a consideration afresh needs to be set aside - T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... year 2007-08. The Assessing Officer had made an addition of Rs. 3,12,90,375/- by treating the loss, which was stated to be damages incurred for breach of contract in respect of two contracts by the assessee, as a speculative loss and thereby disallowing the same. The Commissioner of Income Tax (Appeals) deleted the addition. The revenue was in appeal before the Tribunal. The Tribunal noted that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... laimed by the assessee. The issue of genuineness of the loss was not in question at all. The learned counsel for the appellant drew our attention to paragraph 14 of the impugned order, which reads as under:- We have heard the rival parties and have gone through the material placed on record. We have noted that the first addition was made by the A.O. on believing that loss was of a speculative na ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ture of a speculative loss or not. We have also heard the learned counsel for the revenue who was present on advance notice. After having heard the counsel on both sides, we are of the view that the Tribunal ought not to have remitted the matter to the Assessing Officer for a consideration afresh on the issue of the said loss claim of Rs. 3,12,90,375/-. The only issue that was to be decided by t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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