2010 (6) TMI 760

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..... culation loss of ₹ 10,79,875/- against speculation profit of ₹ 28,90,460/-. For this, Revenue has raised the ground No.1:- (1) The Ld. Commissioner of Income tax(A)-XII, Ahmedabad has erred in law and on facts in directing to grant set off of speculation loss of ₹ 10,79,875/- against speculation profit of ₹ 28,90,460/- without appreciating that no evidence regarding earning of speculation profit was ever produced before the AO. 3. The brief facts of the case are that the assessee filed its return of income for Asst. Year 1993-94 declaring income of ₹ 480282/-. The case was selected u/s 143(2) of the Act and was finalized on 20.03.1995 by the ACIT, Circle 8(3) by disallowing the claim of set off of specu .....

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..... etails, in which transactions are made specifying quantity and price. We find that the assessee in compliance to that notice filed required details script wise in numbers and value as per Sr. (iii) of reply. It means that all the details regarding transactions, the result of which are appearing in the Profit Loss a/c. in the shape of Profit Loss in such transactions, the A.O has picked up only one item showing loss of ₹ 10 lacs, which has been discussed in the order and no any other items have been considered. Since all the details of transactions were already available with the A.O. even during the course of original assessment, it is not fair on the part of the A.O. to say that no response was made by the assessee to substantiat .....

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..... by the Commissioner of Income-tax (Appeals) and dealt with the matter as if it was entertaining an appeal against the order of the Assessing Officer. Here was no question of giving one more innings to the Assessing Officer. The appeals are not to be decided for giving one more innings , to the lower authorities. In the appellate jurisdiction the appellate court ha to consider whether there is justification for upsetting the order against which the appeal is filed. In this case, where the assessee had repeatedly produced the creditors before the Income-tax Officer and had filed affidavits in support of he credit entries and also filed confirmations and given names and addresses of the concerned parties as well as proved repayment of the .....

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