2019 (8) TMI 1469

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....Nagpur u/s 263 of the Act. This appeal is filed belatedly with delay of 1039 days. 4. Before us, on this appeal, ld. Counsel for the assessee filed a letter dated 17.07.2019 withdrawing the appeal of the assessee on which ld. DR for the Revenue has no objection. 5. After hearing both the sides, without going into the issue of condonation, the said appeal is dismissed as withdrawn. 6. In the result, the appeal of the assessee in ITA No.498/PUN/2019 is dismissed. ITA No.484/PUN/2019 - Fresh Assessment Order u/s 263 r.w.s. 143(3) of the Act. 7. This appeal is filed by the assessee against the order of the CIT(A)12, Pune dated 22.02.2019 u/s 143(3) r.w.s. 263 of the Act. 8. This appeal is filed in connection with the fresh ass....

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....to allow set off of the losses of Rs. 94,26,738/- against the regular business income of the assessee. 5. The assessee submits that the losses from F & O Trading Activity were not speculative losses and the same were part of the regular business losses and accordingly, the losses from F & O Trading Activity should have been set off against the regular business income of the assessee. 6. The learned CIT(A) has erred by defying the squarely applicable Judgement of Jaipur ITAT which have been relied upon by the appellant & the Learned CIT(A) has erred by not considered the said Judgement & also not taking the said Judgement on record & has thus defied principles of natural justice. 7. The appellant craves leave to ad....

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....ed Representative that as per provisions of s. 73, speculative loss can be adjusted only against speculative profit. If cl. (d) to s. 43(5) is considered as a prospective amendment and transaction in derivatives as 'speculative', then the losses in derivative prior to amendment would be taken as speculative loss and profit after amendment as business income. This would negate the adjustment of loss in derivative prior to asst. yr. 2006-07 from the profit in derivative in asst. yr. 2006-07 and subsequently. This would result in hardship and double jeopardy in as much as the earlier losses in derivative would not be available for set off against the subsequent profit in derivative. This position can be reconciled only if insertion of cl. (d) ....