2014 (1) TMI 229

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....pholding the initiation and completion of re-assessment proceedings whether in accordance with the provision of law and were not illegal or void as put forth by the assessee before the ld. CIT(A). 3. The brief facts relating to the issue as have been brought on record are that assessment u/s 143(3) of the Act was passed on 24th March, 2006 on a total income of Rs.10,24,610/- when proceedings were initiated u/s 147 of the Act The AO treated a sum of Rs.41,29,814/- as speculation loss in terms of Explanation to Section 73 of the I.T.Act. While determining such speculation loss the ld. A.O. allocated 96.11% of the administrative expenses, depreciation and preliminary expenses amounting to Rs.14,46,385/- to such speculation income which was ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....of in so far as the whole of the income was rendered to tax by the assesee was not to be considered for deriving speculation loss or profit whether it existed in the original assessment. The ld. Counsel for the assessee has furnished a copy of the said order which directly goes to the root of the question before us raised by the Revenue whether for determining the income on the basis of the share trading could the loss be disallowed on finding the speculation loss which could be allowed in accordance with the provision of section 73 whether would be for re-assessment of finding of income having escaped or disallowance of expenditure claimed for earning such income. In other words, the ld. Counsel for the assessee has submitted a paper book ....