9911796707
TMI Blog1975 (8) TMI 20X X X X Extracts X X X X X X X X Extracts X X X X ..... e Income-tax Officer in his order of assessment came to the view that the said loss of Rs. 23,100 was speculative loss and as such not entitled to be set off against business gains. The assessee preferred an appeal before the Appellate Assistant Commissioner. The Appellate Assistant Commissioner agreed with the view of the Income-tax Officer. The assessee thereupon preferred an appeal to the Income-tax Appellate Tribunal. By an order dated the 16th December, 1969, the Appellate Tribunal disposed of the appeal. The Tribunal came to the conclusion that the departmental authorities were not justified in treating the loss as a speculative loss. Thereafter, the Tribunal observed as follows : "However, the fact remains whether the said loss is a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ass such order thereon as it thinks fit". Therefore, the Tribunal has authority and jurisdiction to pass such order as the Tribunal thinks fit on the appeal before it. The amplitude of the power of the Tribunal is only circumscribed by the subject-matter of the appeal. The question, therefore, is what is the appeal before the Tribunal. This question had been the subject-matter of several judicial pronouncements to some of which my attention was drawn. It is not necessary to refer to all of these. Reliance may, however, be placed on the observations of the Supreme Court in the case of Hukumchand Mills Ltd. v. Commissioner of Income-tax [1967] 63 ITR 232 (SC). The Supreme Court observed that the powers of the Appellate Tribunal in dealing wit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ounds of appeal filed before the Tribunal by the petitioner were as follows : "Grounds of appeal 1. For that on the facts and in the circumstances of the case the learned Appellate Assistant Commissioner was not justified in confirming the Income-tax Officer in treating the loss of Rs. 23,100 in share account as speculation loss. 2. For that the learned Appellate Assistant Commissioner has erred on both points of law as well as fact." Therefore, the subject-matter of the appeal was the controversy as to whether the loss claimed by the assessee was a loss in the nature of a speculative loss or business loss. The controversy was not whether the loss was a capital loss or revenue loss or of wider point of view whether the loss was liable t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y of recovery proceedings pending an appeal before the Tribunal. The amplitude of the power of a Tribunal which included the power of the Tribunal to grant ancillary relief is not in dispute before me but the amplitude, as I mentioned before, is circumscribed by the subject-matter of the appeal. The question in this application is only what was the subject-matter of the appeal. It was then contended on behalf of the revenue that the petitioner had an alternative remedy within the Income-tax Act, 1961, and as such was not entitled to any relief. Under sub-section (4) of section 254 of the Income-tax Act, 1961, the order passed by the Appellate Tribunal was final and under section 256 of the said Act the assessee was entitled to ask for a re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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