2012 (12) TMI 1072

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.... ADVOCATE for the Appellant JUDGEMENT Akil Kureshi, J. - This appeal is filed by the assessee against the decision of Income Tax Appellate Tribunal ("the Tribunal" for short) dated 21.11.2011 as ordered to be corrected by corrigendum dated 10.1.2012. 2. For the assessment years 2006-2007, the assessee had claimed set off of certain gain on sale of shares against unabsorbed speculation ....

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....t aside to the file of the Assessing Officer for re-adjudication. Accordingly, the above referred assessment order dated 31.12.2008 is set aside with direction that the Assessing Officer should verify whether the assessee is eligible to avail set off brought forward speculation loss pertaining to the A.Y. 2001-02 from the profit earned this year in view of the amended provisions of Sub-section(4) ....

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.... Gain or not, afresh and decide the same as per law. The Assessing Officer will provide sufficient opportunities to the assessee of being heard." 3. Aggrieved by such order of the Commissioner, the assessee approached the Tribunal. Tribunal dismissed the assessee's appeal holding that the order was not erroneous and further clarifying as under : "However we make it clear that the A....