https://www.taxtmi.com/caselaws?id=426325 The Tribunal upheld the Principal Commissioner of Income Tax's order under section 263 for A.Y. 2014-15, stating that the Assessing Officer's failure to conduct necessary inquiries rendered the assessment order erroneous. It disallowed trading losses claimed by the assessee company for Futures & Options trading conducted by directors in their personal capacity, emphasizing the separation of accounts between directors and the company. The Tribunal also found the Board resolution authorizing directors to trade did not cover personal trading activities and criticized the inadequate inquiry by the Assessing Officer, ultimately dismissing the assessee's appeal for A.Y. 2014-15 and allowing the Revenue's appeal for A.Y. 2015-16. en-us Wed, 27 Jul 2022 00:00:00 +0530 Sat, 13 Aug 2022 11:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426325 The Tribunal upheld the Principal Commissioner of Income Tax's order under section 263 for A.Y. 2014-15, stating that the Assessing Officer's failure to conduct necessary inquiries rendered the assessment order erroneous. It disallowed trading losses claimed by the assessee company for Futures & Options trading conducted by directors in their personal capacity, emphasizing the separation of accounts between directors and the company. The Tribunal also found the Board resolution authorizing directors to trade did not cover personal trading activities and criticized the inadequate inquiry by the Assessing Officer, ultimately dismissing the assessee's appeal for A.Y. 2014-15 and allowing the Revenue's appeal for A.Y. 2015-16. Case-Laws Income Tax Wed, 27 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426325