TMI Blog2014 (6) TMI 598X X X X Extracts X X X X X X X X Extracts X X X X ..... Versus Commissioner of Income-Tax [1996 (12) TMI 7 - SUPREME Court] the Tribunal has jurisdiction to examine a question of law which arises from the facts as found by the authorities below and having a bearing on the tax liability of the Assessee notwithstanding the fact that the same was not raised before the lower authorities. Additional ground of the Assessee admitted - the additional ground raised for the first time, thus, the matter is liable to be remitted back to the AO for fresh adjudication – Decided partly in favour of Assesee. - I.T.A. No. 741/AHD/2011 - - - Dated:- 30-5-2014 - Shri D. K. Tyagi, J. M. And Shri Anil Chaturvedi, A.M.,JJ. For the Appellant : Shri Ramesh Kumar Malpani A. R. For the Respondent : Sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Capital Gain of Rs. 19,04,110/- from the same as Business Income. Ground No. 1 was not pressed and therefore dismissed as not pressed 4. Assessee further vide letter dated 21.04.2014 has made an application for admitting additional ground of appeal which reads as under:- (6) That the Id. AO has erred in not granting the set off of loss of Rs. 9,65,2957-incurred in trading of derivatives (Futures Options of Shares Securities) which is normal business loss as per the amended provisions of Section 43(5)(d) of the I. T. Act, 1961 (the Act) w.e.f. A.Y. 2006-07 and is eligible for set off against any other income as per the provisions of Ss. 70 71 of the Act. Appellant prays that the said loss should be assessed as normal business l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the admission of additional ground. 7. We have heard the rival submissions and perused the material on record. Before us, it is submitted on behalf of Assessee that Assessee had suffered loss of Rs. 9,65,295/- on trading of derivatives which has been reflected by Assessee as speculation loss in the return of income. It is also the submission of the Assessee that the profits earned on sale of shares amounting to Rs. 15,16,203/- which were treated by Assessee as short term capital gains was considered as business by the Assessee. But at the same time, the loss suffered from trading of derivatives was not considered as business loss through as per the provisions of the Act, it is a business loss and therefore eligible for set off against t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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