TMI Blog2012 (12) TMI 1072X X X X Extracts X X X X X X X X Extracts X X X X ..... o exercise revisional powers under section 263. While doing so, he remanded the proceedings before the Assessing Officer for full inquiry and fresh consideration. He had not given any specific directions to consider the issue in particular manner. Tribunal further clarified this issue in the impugned order as can be seen from the noted portion of the order itself. - TAX APPEAL NO. 254 of 2012 - - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g an opportunity of hearing to the assessee, the Commissioner remanded the proceedings to the Assessing Officer for verification of certain details before accepting the assessee's claim as noted above. He observed as under: 7. In view of the above referred facts and legal position it is held that the assessment order u/s 143(3) dated 31.12.2008 passed by the Assessing Officer for the A.Y. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ons submitted by the assessee during the course of proceedings u/s 263 of the Act were not adjudicated by the Assessing Officer. 8. Accordingly, the above referred assessment order u/s143(3) dated 31.12.2008 is set aside to the Assessing Officer who will adjudicate on the issues of allowance of set off brought forward speculation loss pertaining to A.Y. 2001-02 against the speculation profit ea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... all the relevant case laws cited. It is ordered accordingly. 4. Having heard learned senior counsel Shri S.N. Soparkar for the appellant, we do not find any question of law arises. The Commissioner after recording cogent reasons found that the order passed by the Assessing Officer was erroneous and also prejudicial to the interest of the Revenue. He was therefore, on facts of the case entitle ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
