BHARTESH JAIN Vs. ITO
LAWS(IT)-2008-2-11
INCOME TAX APPELLATE TRIBUNAL
Decided on February 22,2008

Appellant
VERSUS
Respondents

JUDGEMENT

I.P. Bansal, J.M. - (1.) THIS is an appeal filed by the assessee. It ig directed against the order of Commissioner (Appeals) dated 9-12-2005 for assessment year 1995-96.
(2.) Grounds of appeal filed with Form No. 36 were narrative and lengthy. The learned Authorised Representative has filed revised grounds which are as under: 1, learned assessing officer as well as Commissioner (Appeals) have erred in holding that income earned by appellant from purchase and sale of shares is not speculation even though as per learned assessing officer the facts of this year and last year are same. 2. Learned assessing officer as well as Commissioner (Appeals) have erred in law as well as on facts indenying the carry forward of earlier year's loss by artificially and withoutany evidence holding that income in this year is not from speculation business, even though there is no provision for delivery of shares. It is prayed that last year's loss may kindly be allowed to be set off against the income of this year. The original assessment in the present case was completed at an income of Rs. 36,20,000 under Section 144 of the Income Tax Act, 1961 (Act) treating the same as business income from shares. The assessing officer did not allow loss of Rs. 50,95,247 claimed by the assessee against such income as in earlier year the said loss was treated;


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