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TMI Blog2014 (3) TMI 359X X X X Extracts X X X X X X X X Extracts X X X X ..... year/s, and would thus include the income as well, including as to its nature/character. Treatment of the loss - Derivative trading treated as a speculative loss – Held that:- There was conflict of judicial opinion, but for the reason that the A.O. has admittedly not altered either the nature or the quantum of addition as made in the regular assessment, since sustained in appeals - the assessment does not in law abate, and the AO has merely adopted the same in the section 153A assessment, the same ought to be reflected therein as such - an ‘addition’ in the section 153A assessment is thus inconsistent with the law in the facts of the case – thus, the contention of the assessee is accepted – and the AO is directed to modify the order – De ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hri Bharat R. Ruia (HUF) (in ITA No.1539 of 2010). Further, the assessee has preferred an appeal before the apex court, adverting our attention to the admission of its SLP by it (PB pgs.42-43). On this, it was observed by the Bench that the fact that the assessee s SLP against the dismissal of its appeal by the hon ble jurisdictional high court has been admitted by the apex court, would not in any manner detract from the precedence value of the decision by the hon ble high court, which is binding on us. Upon this position being clarified thereto, the ld. AR sought time to file an additional ground/s, which was granted, i.e., when the appeal was first taken up for hearing (on 04.02.2014). The assessee has now raised two additional grounds, w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ther, vide its second additional ground, the assessee objects to the A.O. having reflected the said adjustment, inasmuch as the same stood not accepted as a business loss but only as a speculative loss, to be carried forward separately, as a separate and distinct item, as if it was a subject matter with regard thereto. No material qua the same having been admittedly found in search, and no change to the assessment as framed u/s. 143(3) having been made by him in the fresh assessment in its respect, the A.O. ought to have made the computation from the income as already assessed u/s.143(3). The objection, the ld. AR, on a query by the Bench as to its import inasmuch as the income and at the same sum and nature/configuration stands assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the A.O. has admittedly not altered either the nature or the quantum of addition as made in the regular assessment, since sustained in appeals. Inasmuch as therefore the said assessment does not in law abate, and the A.O. has merely adopted the same in the section 153A assessment, the same ought to be reflected therein as such. Stating the same to be an addition in the section 153A assessment is thus inconsistent with the law in the facts of the case. To clarify further, even if, therefore, he had made an addition on that score, he would begin with the income already assessed u/s.143 (3), i.e., in regular assessment, specifying the nature of the modification being now carried out. We, accordingly, for the reasons stated, accepting the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X
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