2014 (6) TMI 598

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....rty and capital gain from sale of shares. Assessee filed his return of income for A.Y. 07-08 on 31.10.2007 declaring total income of Rs. 15,87,682/-. The case was selected for scrutiny and thereafter the assessment was framed u/s 143(3) vide order dated 29.12.2009 and the total income was determined at Rs. 16,27,682/-. Aggrieved by the order of A.O, Assessee carried the matter before CIT(A). CIT(A) vide order dated 07.01.2011 dismissed the appeal of the Assessee. Aggrieved by the order of CIT(A), the Assessee is now in appeal before us and has raised the following grounds:- 1. That the notice issued u/s 143(2) is beyond the time limit prescribed under Proviso to Section 143(2)(ii) of the Act and thus assessment proceedings carried out an....

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.... of Section 43 (5)(d) with effect from A.Y. 06-07. The loss on trading of derivatives is not a speculation loss but is a normal business loss. He further submitted that the Assessee was not aware of the amended provisions of Section 43(5)(d) and due to inadvertence reflected the loss on trading of derivatives as speculative loss in the return of income. He further submitted that due to ignorance and inadvertence, the additional ground which the Assessee now has raised before us could not be raised before Hon'ble CIT(A). The ld. A.R. therefore prayed for admission of the additional ground and for which he also placed reliance on the decision in the case of Jute Corporation of India vs. CIT 187 ITR 688 (SC) and National Thermal Power Company ....