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TMI Blog2022 (5) TMI 378X X X X Extracts X X X X X X X X Extracts X X X X ..... change can be treated as speculative transaction and loss or gain in such transaction is normal business loss or gain. Courts have held that even if, return as submitted by the assessee is accepted by the Assessing Officer, and if thereafter, the assessee comes to know about the mistakes committed, that he was not liable for more taxation or had paid more tax, he can definitely approach revenue authority and in such event, it is open to the revisional authority to exercise its jurisdiction u/s 264 of the Act. Once assessee is able to satisfy about mistake due to which there was over assessment, the Commissioner had power to correct the same u/s 264(1) of the Act. In such situation, we would expect the Commissioner to apply his mind to th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arising from derivative transactions against capital gain and other sources. As the income earned and approved on derivative transactions, according to petitioner, are to be treated as business income/loss in terms of Section 43(5) (d) of the Act as against speculative income/loss. It is petitioner s case that the loss incurred on derivative transactions is eligible for set of against income offered by the assessee under other heads of income during the year. 3. Petitioner s case was selected for scrutiny assessment and during assessment proceeding, second respondent called upon petitioner to file security transaction tax (STT) Certificate for the transactions entered into by petitioner during the year. Petitioner submitted the same on o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent on 15.2.2012 for assessment year 2008-09. This petition was dismissed on the grounds of delay. Petitioner filed writ petition in this Court and this court was pleased to set aside the order and send it for denovo consideration. In compliance with order of this Court, respondent no.1 issued notice for hearing of revision petition. Petitioner was represented and submissions were made. Petitioner also filed copies of Form No. 10-DB issued by Stock Exchange. Petitioner states that the said Form no.10-DB indicates that the fact that loss of 78,19,292/- was loss on account of future and option (F O) activity carried out by petitioner. Respondent no.1 by order dated 29.9.2014 dismissed revision petition by stating that additions which are vo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee comes to know about the mistakes committed, that he was not liable for more taxation or had paid more tax, he can definitely approach revenue authority and in such event, it is open to the revisional authority to exercise its jurisdiction u/s 264 of the Act. Once assessee is able to satisfy about mistake due to which there was over assessment, the Commissioner had power to correct the same u/s 264(1) of the Act. In such situation, we would expect the Commissioner to apply his mind to the question and decide the matter. Simply saying, additions which are voluntarily agreed, can not be the subject matter of revision, would be little harsh on assessee. Therefore, we hereby set aside order dated 29.09.2014 impugned in this petition ..... X X X X Extracts X X X X X X X X Extracts X X X X
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