2012 (6) TMI 182

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....re us against the order of Ld. CIT(A) dated 11.3.2011 passed for asstt. year 2006-07. In the first ground of appeal revenue has pleaded that Ld. CIT(A) has erred in allowing the setting off the claim of the assessee in respect of brought forward speculation loss amounting to Rs. 28,10,923/- against the speculative income. 2. The brief facts of the case are that assessee is an individual. He has....

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....to the assessee, this income was earned by the assessee in dealing with future options, where no delivery was taken or given. Thus it deserves to be treated as speculative income. He also submitted that assessee has brought forward speculative losses of earlier years. Set off be granted to the assessee. Ld. AO rejected the claim of assessee on the ground that such a claim was not made in the retur....

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..... First Appellate Authority, because AO has not assigned any reason for not granting the set off of income against brought forward losses. He simply observed that assessee has not made this claim in the original return filed by him. The assessee has pointed out that this income was duly declared by him but under a different head. Its computation is to be made logically by giving the benefit of bro....