1976 (2) TMI 23

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....arned counsel for the assessee and learned counsel for the revenue. We think on the facts and circumstances of the case the Income-tax Appellate Tribunal was in error in disallowing the assessee to argue that the transactions in question were in reality hedging contracts and not speculative transactions by assuming that the assessee had admitted before the Appellate Assistant Commissioner of Incom....

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....come of the oil business. The assessee being aggrieved filed an appeal. The learned Appellate Assistant Commissioner, it appears from his judgment, in the course of the argument made an observation that in his opinion the losses were incurred on account of speculative transactions. Being faced with that observation the representative of the assessee after taking legal advice did not seem to have s....

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.... the correctness of the decision or the finding recorded by the Appellate Assistant Commissioner as to the nature of the losses in question. The Appellate Tribunal did not allow such an argument to be raised by the assessee as it took the view that the assessee had admitted before the Appellate Assistant Commissioner that the losses in question were incurred in speculative transactions. It is obvi....