TMI Blog2007 (9) TMI 258X X X X Extracts X X X X X X X X Extracts X X X X ..... e sale and purchase of shares and the comparative figures of the earlier years had been given by the assessee to AO - reopening of the completed assessment is only as a result of change of opinion of the Assessing Officer - notice was clearly barred by limitation - 908 of 2007 - - - Dated:- 25-9-2007 - MADAN B. LOKUR and DR. S. MURALIDHAR JJ. Ms. P. L. Bansal for the appellant. Tarun Ku ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,381. On examination of the assessment order, it has been found that the assessee has set off the loss from the transaction of shares to the tune of Rs. 15,73,020 from the business income. At no stage, the assessee has stated that dealing in shares is his main business. Hence, loss in share dealing should have been treated as speculative loss which cannot be set off against business income as per ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g the assessment. Since the notice was issued after the expiry of the period of four years from the end of the relevant assessment year, it was unsustainable in law. The contention of the assessee was upheld both by the Commissioner of Income-tax (Appeals) as well as by the Tribunal. 4. Apart from the fact that there are concurrent findings of fact given by the authorities below, we find that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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