https://www.taxtmi.com/caselaws?id=416266 The Tribunal found that the Principal Commissioner of Income-tax lacked jurisdiction to pass the order under Section 263, as it was based on an audit objection without independent application of mind. The classification of the loss from day trading as speculative loss was overturned, as the assessee had consistently treated such transactions as business income/loss in previous years. The Tribunal also held that the Assessing Officer had conducted adequate inquiries, and the assessment order was not prejudicial to revenue interest. The original assessment orders were restored, classifying the loss as a business loss and upholding the AO's findings. en-us Mon, 13 Dec 2021 00:00:00 +0530 Thu, 03 Mar 2022 15:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416266 The Tribunal found that the Principal Commissioner of Income-tax lacked jurisdiction to pass the order under Section 263, as it was based on an audit objection without independent application of mind. The classification of the loss from day trading as speculative loss was overturned, as the assessee had consistently treated such transactions as business income/loss in previous years. The Tribunal also held that the Assessing Officer had conducted adequate inquiries, and the assessment order was not prejudicial to revenue interest. The original assessment orders were restored, classifying the loss as a business loss and upholding the AO's findings. Case-Laws Income Tax Mon, 13 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416266