TMI Blog2014 (1) TMI 229X X X X Extracts X X X X X X X X Extracts X X X X ..... n of section 73 whether would be for re-assessment of finding of income having escaped or disallowance of expenditure claimed for earning such income - The assessee being a limited company was holding shares as investment and also for trading, therefore cannot be subject itself to determine the speculation loss, if any, was not to be tinkered with under the provision of section 147/148 of the Act. The appeal of the Revenue does not have legs to stand on and has to be dismissed - However, on the issue raised by the assessee-appellant as Cross Objection regarding the validity of reopening Relying upon SC’s decision brought on record as of now was to be considered, in so far as, the ld. CIT(A) did not distinguish another Apex Court’s decisi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 73 of the I.T.Act. While determining such speculation loss the ld. A.O. allocated 96.11% of the administrative expenses, depreciation and preliminary expenses amounting to Rs.14,46,385/- to such speculation income which was added by the AO. Being aggrieved the assessee preferred an appeal before the First Appellate Authority, who considered the assessee appellant s submission before it with respect to change of opinion by the AO for initiating proceedings u/s 147/148 of the Act. The ld. CIT(A) negated the claim of the assessee appellant by holding a view that change of opinion cannot be the basis to belief was not an opinion as put forth by the AO, in so far as, at the time of original assessment it was a question of fact and was a case sp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... section 73 whether would be for re-assessment of finding of income having escaped or disallowance of expenditure claimed for earning such income. In other words, the ld. Counsel for the assessee has submitted a paper book wherein the original assessment indicating the total turn over on account of share trading and share business has been verified by the AO. The assessee being a limited company was holding shares as investment and also for trading, therefore cannot be subject itself to determine the speculation loss, if any, was not to be tinkered with under the provision of section 147/148 of the Act. Similarly the disallowance in the light of holding a view that whether the share trading business resulted in speculation loss, a loss bein ..... X X X X Extracts X X X X X X X X Extracts X X X X
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