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TMI Blog2001 (9) TMI 51X X X X Extracts X X X X X X X X Extracts X X X X ..... ing Officer made a draft order, in which, he treated the loss incurred by the assessee as normal business loss. That draft assessment order was approved by the Inspecting Assistant Commissioner under section 144B of the Income-tax Act, 1961. Thereafter, the Assessing Officer changed his view of the nature of the loss incurred by the assessee in his transaction relating to shares and considered tho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the assessee. The Supreme Court in the case of Panchamahal Steel Ltd. v. U.A. Joshi, ITO [1997] 225 ITR 458 held as under: "A reading of section 144B shows that once a draft order is made and the matter is referred to the Inspecting Assistant Commissioner on receiving the objections of the assessee, the function of the Income-tax Officer practically comes to an end. Thereafter, the only remai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it was treated the draft assessment order to which the Inspecting Assistant Commissioner had granted the approval. The Tribunal was in error in reversing that order of the Commissioner. The question referred to us, viz., "Whether, on the facts and in the circumstances of the case and having regard to the scheme of the Act, especially the provision of section 144B the Tribunal was right in setti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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