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TMI Blog2023 (3) TMI 989X X X X Extracts X X X X X X X X Extracts X X X X ..... on the part of the PCIT to exercise his revisional jurisdiction u/s 263 of the Act. On perusal of the order passed by the PCIT it is seen that the assessee did not appear before the PCIT though they were granted opportunity of personal hearing on two occasions. Thus, the record which was examined by the learned Tribunal was not placed before the PCIT for consideration so as to take a decision on merits. We find that the Tribunal has not given a specific finding as to how there is no bar under the Income Tax Act for setting off of derivative loss against business income in the facts and circumstances of the case. Therefore, we are of the view that the matter has to be freshly decided by the PCIT and, therefore, we are inclined to remand t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... levant provisions of the Act which empowers the PCIT to exercise his revision jurisdiction under Section 263 in this case when the assessment order passed by the Assessing Officer without making enquiries or verification and therefore the assessment order became erroneous in so far as it is prejudicial to the interest of revenue ? (iii) Whether the learned Tribunal has committed substantial error in law in accepting the assessee s submission that there is no bar under the Act for setting off of derivative loss against business income. As per Section 73(1) derivative loss being speculative loss shall not be entitled to set off against any business income other than income from speculative business ? We have heard Mr. Soumen Bhattacharj ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h March, 2022, it is seen that the assessee did not appear before the PCIT though they were granted opportunity of personal hearing on two occasions. Thus, the record which was examined by the learned Tribunal was not placed before the PCIT for consideration so as to take a decision on merits. Furthermore, we find that the learned Tribunal has not given a specific finding as to how there is no bar under the Income Tax Act for setting off of derivative loss against business income in the facts and circumstances of the case. Therefore, we are of the view that the matter has to be freshly decided by the PCIT and, therefore, we are inclined to remand the matter back to the PCIT for fresh consideration. In the result, the appeal filed by t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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