2013 (4) TMI 115

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....e has come up with the present Appeal. It appears from the record that in the previous round of litigation, a specific question arose as to whether the nature of transaction conducted by the assessee amounted to speculative transaction. In this regard, in the earlier round of litigation, the Commissioner of Income Tax (Appeals) specifically held that the Assessing Officer was justified in holding that those transactions were speculative transactions as there was no actual delivery of shares taken by the assessee. In course of that appeal, it was further contended by the assessee that it had earned a profit of Rs.26,90,460=00 in respect of shares of 19 companies wherein similar business was done, and thus, such fact required reconsideratio....

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....ferred an appeal before the Commissioner of Income Tax (Appeals). The Commissioner of Income Tax (Appeals), however, on the basis of the materials on record, decided the matter by himself. The said appellate authority recorded that in compliance to the notice, the assessee filed required details script-wise in number and value as per Sr.(iii) of appellant's reply. It confirmed that all the detailed recording of transactions, the result of which are appearing in the profit and loss accounts in the shape of profit and loss in such transactions. The appellate authority pointed out that the Assessing Officer had taken up only one item showing loss of Rs.10 lac, which had been discussed in the order and no other item had been commented upon. Ac....