2013 (3) TMI 516

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....uded a loss from share transactions of Rs.13.63 crores (including delivery based loss of Rs.2.67 crores and non-delivery based loss of Rs.10.95 crores). On 30 March 2004 an order of assessment was passed under section 143(3) determining a total loss of Rs.3.13 crores after disallowing inter alia the loss from the share transactions. The Commissioner of Income-tax (Appeals) upheld the disallowance of loss from share transactions by an order dated 8 November 2007. The order of the Appellate Authority was carried in appeal to the Tribunal. The Tribunal by its judgement dated 17 February 2010 set aside the order of the Commissioner of Income-tax (Appeals) and restored the assessment proceedings back to the Assessing Officer for a fresh examinat....

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....ty before deciding the issues. For this purpose the orders of the A.O. and CIT(A) on this issue are set aside and the assessment is restored back to the A.O. to consider it afresh after examining the facts and according to the law." 3. Following the order of the Tribunal, the Assessing Officer passed an order on 27 December 2010 under section 254 of the Income-tax Act, 1961 giving effect to the order of the Tribunal. The Assessing Officer re-computed the total loss as follows:- "Total loss as per order u/s.250 dated 27/12/2007 Rs.3,18,86,535   Less: Relief allowed by ITAT     1. Share Trading Loss (non delivery) Rs.10,95,62,134     2. Share Trading Loss (delivery) Rs. 2,67,62,566     3. u/s....

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....nce, it is urged that the impugned order of assessment dated 27 December 2011 is completely without jurisdiction. On the other hand, on behalf of the Revenue, the leaned Counsel urged that the impugned order dated 27 December 2011 can be challenged in appeal before the CIT(A). 6. The Tribunal by its order dated 17 December 2010 restored the proceedings back to the Assessing Officer. The Assessing Officer gave effect to the order of the Tribunal by passing an order dated 27 December 2010 which states that it has been made under section 254. The Assessing Officer recomputed the loss at Rs.16.82 crores. In this view of the matter, once the Assessing Officer had given effect to the order of the Tribunal, his successor in office had no jurisdic....