TaxTMI 
TaxTMI 
2013 (4) TMI 115
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....he Revenue. Being dissatisfied, the Revenue 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 ....
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.... to the total income. Being dissatisfied, the assessee preferred 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 discu....
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....ng through the materials on record, we find that the Commissioner of Income Tax (Appeals) and the Tribunal, on the basis of materials placed by the assessee, concurrently came to the conclusion that there was speculative profit of Rs.28,90,460=00 and the amount of Rs.10,79,875=00 being the speculative loss having already been found in the earlier litigation to be correct, the assessee was entitled to get benefit of set-off of that speculative loss from the speculative profit. The aforesaid finding as it appears from the record is borne out by the materials on record, we find no substance in the contention of Mrs. Bhatt that the finding of speculative loss suffered by the assessee in the earlier round of litigation was not final and was s....