2009 (4) TMI 412

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....ion 131 of the said Act to the brokers through whom the transactions took place. The said brokers appeared before the Assessing Officer and submitted neces-sary details. It appears from the records that the assessee also produced true copy of his demat account. The Assessing Officer held as many as nine hearings before passing his order of assessment on November 21, 2005 under section 143(1) of the said Act. 3. The Commissioner of Income-tax, by order dated February 28, 2008, exercised his power of revision holding that the aforesaid order of assess-ment dated November 21, 2005 passed by the Assessing Officer was erroneous in so far as it is prejudicial to the interests of the Revenue, inter alia, on the grounds that the Assessing Office....

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....r section 10 and section 24(1), the speculation loss of any year should first be set off against the speculation profits of that year and the remaining amount of speculation profits, if any, should then be utilised for setting off of any loss of that year from other sources. For the purposes of section 24(2), the Income-tax Officer may allow the assessee- (i) either to first set off the speculation losses carried forward from an earlier year against the speculation profits of the current year and then to set off the current year's losses from other sources against the remaining part, if any, of the current year's speculation profits ; (ii) or to first set off the current year's losses from non-speculation business and other sour....

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....-judicial capacity and, therefore, the discipline of such function demands that he should follow the binding decision rendered by the superior courts including by the jurisdictional High Court. Therefore, the assessment made, in accordance with the guidelines prescribed under the aforementioned circular dated September 12, 1960 issued by the Central Board of Direct Taxes and upon reliance on the decision in the case of New India Investment Corporation Ltd. [1994] 205 ITR 618 (Cal), cannot be called erroneous and, therefore, cannot be revised. 10. Section 260A(3) of the said Act contemplates interference by the High Court if the case involves a substantial question of law. The Supreme Court of India in the case of State Bank of India v. S....