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TMI Blog2014 (3) TMI 359X X X X Extracts X X X X X X X X Extracts X X X X ..... .12.2010. 2. The only issue arising in the instant appeal by the assessee, per its two grounds, is the treatment of the loss sustained by it on account of derivative trading as a speculative loss. Though the assessee has raised two grounds on merits, it was fairly conceded at the time of hearing by the ld. Authorized Representative (AR), the assessee's counsel, that the matter stands decided against it by the decision by the Tribunal in its own case for this year, i.e., in pursuance of section 143(3) proceedings (in ITA No.3237/Mum/2009 dated 30.09.2010/PB pgs.35-40), following the decision by its special bench in Shree Capital Services (P.) Ltd. vs. Asst. CIT [2009] 121 ITD 498 (Kol)(SB). And that the same stands further confirmed by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gs on the date of initiation of search and hence the learned AO ought not to have made the disallowance in assessment order passed u/s.153A as a fresh addition/ disallowance." 3. We have heard the parties, and perused the material on record. 3.1 The assessee firstly assails the jurisdiction of the Assessing Officer (A.O.) to treat the impugned trading loss as a speculation loss inasmuch as the same has been the subject matter of consideration by him in the regular proceedings u/s. 143(3), which stood concluded on the framing of the assessment on 27.12.2007 (copy of the assessment order on record/PB pgs.1-20). The assessment for the current year being pending before the ld. CIT(A) as on the date of search (20.02.2008); the assessee's appea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ix years immediately preceding the assessment year relevant to the previous year in which the search is conducted or the requisition is made. Reference in this context may be made to the decision by the hon'ble delhi high court in the case of CIT vs. Anil Kumar Bhatia [2013] 352 ITR 493 (Del), so that there are no fetters on the power of the AO to assess any income that in his view forms part of the total income of the assessee for the relevant year/s, and would thus include the impugned income as well, including as to its nature/character. 3.3 With regard to the assessee's second objection, i.e., per its additional ground no.2, we find the same as not without force. This though is not for the reason that no material in relation to the imp ..... X X X X Extracts X X X X X X X X Extracts X X X X
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