https://www.taxtmi.com/caselaws?id=77506 The High Court dismissed the appeal against the ITAT order for the assessment year 2003-04, reinstating the assessment order. It found that the Assessing Officer had conducted proper inquiries and correctly set off speculation profits against carried forward speculation losses in accordance with Circular No. 23 (XXXIX-4) D of 1960 and legal precedents. The court emphasized the Commissioner's need to demonstrate that the Assessing Officer's order is both erroneous and prejudicial to the Revenue's interests when exercising the power of revision under section 263. As the tribunal correctly applied established legal principles, the appeal was summarily dismissed. en-us Wed, 01 Apr 2009 00:00:00 +0530 Tue, 21 Sep 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=77506 The High Court dismissed the appeal against the ITAT order for the assessment year 2003-04, reinstating the assessment order. It found that the Assessing Officer had conducted proper inquiries and correctly set off speculation profits against carried forward speculation losses in accordance with Circular No. 23 (XXXIX-4) D of 1960 and legal precedents. The court emphasized the Commissioner's need to demonstrate that the Assessing Officer's order is both erroneous and prejudicial to the Revenue's interests when exercising the power of revision under section 263. As the tribunal correctly applied established legal principles, the appeal was summarily dismissed. Case-Laws Income Tax Wed, 01 Apr 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=77506