TaxTMI 
TaxTMI 
2021 (10) TMI 1142
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....rvice of notice in paper form as opted while filing the appeal petition, and without considering merits of the case which were glaringly covered by statement of facts. 2. On the facts, and in circumstances of the case, and in law, learned Commissioner of Income-tax (Appeal) erred in upholding action of the Assessing Officer in disallowing the setoff of brought forward business loss claimed of Rs. 91,253 against current year's speculative profits without appreciating that section 72 of the Income-tax Act 1961 allowed set off of brought forward business loss against income from any business (including speculative business); and the embargo created is for not allowing brought forward speculation loss and not for ordinary business loss. ....
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.... letter dated 20/11/2017 has stated that from this the STT paid has not been deducted and assessee will get this benefit. Further enquired about the Derivative segment he replied that this is net amount STT has already reduced from it but cash segment is not net amount. This contention of the assessee is not correct as the amount shown is totally net income and assessee has not clearly analyze its income. If this is the business expenditure why the assessee has not claimed in the P&L account, the reason for not mention it in the P&L account is the assessee has taken net value of the profit of share transaction and the net amount of share transactions is Rs. 22,58,107/- and not Rs. 18,44,383/- Accordingly the show cause was issued to the ass....
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....ome arrived by the A.O. is also confirmed as the appellant could not file any details and the reconciliation warranting the A.O. to make the above said addition which arose on account of net share transactions at Rs. 22,58,104/- and the share transaction reflected in the P&L a/c, by the appellant at Rs. 18,44,383/-, Hence the addition made by the A.O. is hereby confirmed dismissing all the grounds of appeal filed by the appellant 5. Against the above order, assessee is in appeal before us. 6. I have heard the Ld. DR and perused the record. As regards, the disallowance of set off claimed by the assessee, I note that AO has not given any cogent reason or referred to the necessary provision of law as to why the claim by the assessee is not a....