2013 (4) TMI 223

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....ainst the order dtd. 12-12-2011 passed by the ld. CIT(A)- 8, Mumbai for the assessment year 2008-09. 2. Briefly stated facts of the case are that the assessee company is engaged in the business of trading in shares and securities, filed return declaring total income of Rs. 1,47,76,121/-. The A.O. after processing the return u/s 143 (1) of the Income tax Act, 1961 (the Act), selected the case for ....

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....ed the said loss of Rs. 1,70,000/- lacs and added the same to the total income of the assessee. The A.O. after making some other disallowances completed the assessment at an income of Rs. 1,47,76,120/- vide assessment order dtd. 25-11-2010 passed u/s 143(3) of the Act. On appeal, the ld. CIT(A) while relying on the decision of the Hon'ble Supreme Court in CIT vs. Woodward Governor India P. Ltd. (2....

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.... Rs. 1,70,000/-. 8. At the time of hearing the ld. counsel for the assessee while referring to the financial statement of the assessee appearing at pages No. 9,17, 25-27 & 28 of the assessee's paper book submits that the ld. CIT(A) has erred in observing that the assessee is only debiting the losses and not crediting the profit whereas, in fact, at page No. 28 of the paper book the first entry of....

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.... that in the statement showing details of loss in open position of F&O as on 31-3-2008 appearing at page 28 of the assessee's paper book the assessee has shown profit of Rs. 6342/- in one transaction and in remaining three transactions the assessee has shown loss of Rs. 1,77,002/- and after adjusting the profit of Rs. 6342/- the net loss of Rs. 1,70,660/- was claimed as a loss in open position of ....