https://www.taxtmi.com/caselaws?id=244904 The Assessee appealed against the Commissioner of Income Tax (Appeals) order regarding the treatment of derivative trading loss as speculative. The Tribunal upheld the treatment of the loss as speculative but directed the Assessing Officer to adjust the income already assessed in the regular assessment. The Assessee's challenge to the jurisdiction of the Assessing Officer was rejected, while objections regarding the lack of material in search were accepted. The appeal was partly allowed based on these findings, with the Tribunal emphasizing the previous decisions on the speculative nature of the income. en-us Fri, 21 Feb 2014 00:00:00 +0530 Wed, 12 Mar 2014 07:14:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=244904 The Assessee appealed against the Commissioner of Income Tax (Appeals) order regarding the treatment of derivative trading loss as speculative. The Tribunal upheld the treatment of the loss as speculative but directed the Assessing Officer to adjust the income already assessed in the regular assessment. The Assessee's challenge to the jurisdiction of the Assessing Officer was rejected, while objections regarding the lack of material in search were accepted. The appeal was partly allowed based on these findings, with the Tribunal emphasizing the previous decisions on the speculative nature of the income. Case-Laws Income Tax Fri, 21 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=244904