2010 (3) TMI 1120 - AT - Income Tax

Summary

Issues involved: Application u/s.254(2) of the Income-tax Act, 1961 for rectification of the Tribunal's order in ITA No.543/Mum/2008.

Issue 1 - Finding on profit from shares: The assessee moved a Miscellaneous Application u/s.254(2) seeking rectification of the Tribunal's order regarding profit on shares purchased and sold during the year. The Tribunal had previously found that the assessee was engaged in the business of trading shares, thus treated as carrying on speculation business. The Tribunal concluded that loss in trading shares should be treated as loss from speculation business, disallowing set off against other incomes. The Tribunal held that there was no mistake apparent in the order warranting rectification, citing precedents from the Bombay High Court and the Hon'ble jurisdictional High Court. The application for rectification was ultimately dismissed.

Key Phrases:
- Tribunal's categorical finding on the nature of the assessee's business.
- Treatment of loss in trading shares as loss from speculation business.
- Precedents from the Bombay High Court and the Hon'ble jurisdictional High Court.
- Dismissal of the application for rectification.