https://www.taxtmi.com/caselaws?id=119398 The Tribunal upheld the validity of reassessment proceedings under section 147 of the Income-tax Act, 1961, finding that the Assessing Officer had a genuine belief of income escapement. It also confirmed that the loss incurred in share trading was classified as speculation loss under section 73, disallowing its set-off against other incomes. The assessee's appeal was dismissed, and the Tribunal's decision was in favor of the tax authorities on both issues. en-us Thu, 07 Jun 2007 00:00:00 +0530 Tue, 02 Aug 2016 14:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=119398 The Tribunal upheld the validity of reassessment proceedings under section 147 of the Income-tax Act, 1961, finding that the Assessing Officer had a genuine belief of income escapement. It also confirmed that the loss incurred in share trading was classified as speculation loss under section 73, disallowing its set-off against other incomes. The assessee's appeal was dismissed, and the Tribunal's decision was in favor of the tax authorities on both issues. Case-Laws Income Tax Thu, 07 Jun 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=119398