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TMI Blog2019 (3) TMI 1115X X X X Extracts X X X X X X X X Extracts X X X X ..... the AO allowed the carry forward of speculation business loss separately for an amount of ₹ 37,13,336/- which is including current year speculation loss of ₹ 4000/-. Therefore, it is observed that the AO did not allow the speculation loss against business income or income from other sources and has not committed any error in the assessment order and determined the business loss and speculation loss correctly, hence, the assessment order passed by the AO was neither erroneous nor prejudicial to the interest of the revenue. Therefore, we set aside the order of the Ld.Pr.CIT passed u/s 263 - Decided in favour of assessee. - I.T.A.Nos.185/Viz/2018 - - - Dated:- 25-1-2019 - Shri V. Durga Rao, Judicial Member And Shri D.S. Sun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee and allowed to be set off against the income from other sources and accordingly held that the assessment order passed by the AO is erroneous and prejudicial to the interest of the revenue. Hence, set aside the order passed by the AO and directed the AO to recompute the income after giving reasonable opportunity to the assessee. 3. Aggrieved by the order of the Ld.Pr.CIT, the assessee is in appeal before this Tribunal. During the appeal hearing, the Ld.AR submitted that, for the A.Y.2013-14, the assessee filed the return of income admitting total income of ₹ 9,77,411/- and disclosed the revenue from operations at ₹ 3,68,67,794/-, income from other sources amounting to ₹ 32,99,542/-, and speculation loss of S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... accordingly requested to quash the order passed u/s 263 and allow the appeal of the assessee. 4. On the other hand, the Ld.DR supported the orders of the Ld.Pr.CIT. 5. We have heard both the parties and perused the material placed on record. In this case as per the information placed before us, the assessee derived loss of ₹ 4,000/- from speculative business and loss from business other than speculative business was ₹ 9,73,410/- which was claimed for carry forward as per Schedule CYLA and Schedule CFL of Income Tax Return annexed at page No.5 of the paper book. Similarly, from the profit and loss account also it is observed that loss incurred from speculation loss was ₹ 4000/-. The AO passed order u/s 143(3) and allo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7; 9,39,162/- for carry forward excluding the speculation loss of ₹ 4000/- (9,43,161-4000=9,39,162). Similarly the AO allowed the carry forward of speculation business loss separately for an amount of ₹ 37,13,336/- which is including current year speculation loss of ₹ 4000/-. Therefore, it is observed that the AO did not allow the speculation loss against business income or income from other sources and has not committed any error in the assessment order and determined the business loss and speculation loss correctly, hence, the assessment order passed by the AO was neither erroneous nor prejudicial to the interest of the revenue. Therefore, we set aside the order of the Ld.Pr.CIT passed u/s 263 and restore the assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X
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