- (1.) THIS is an appeal under Section 260A of the Income -tax Act, 1961 ['said Act' in short] against an order dated 5 -9 -2008 passed by Income -tax Appellate Tribunal ['said Tribunal' in short] pertaining to the assessment year 2003 -04.
(2.) ON or about 1 -12 -2003, the assessee submitted his return showing nil income. The Assessing Officer issued notices under Section 131 of the said Act to the brokers through whom the transactions took place. The said brokers appeared before the Assessing Officer and submitted necessary details. It appears from the records that the assessee, also, produced true copy of his demat account. The Assessing Officer held as many as nine hearings before passing his order of assessment on 21 -11 -2005 under Section 143(1) of the said Act. The Commissioner of Income -tax, by order dated 28 -2 -2008, exercised his power of revision holding that the aforesaid order of assessment dated 21 -11 -2005 passed by the Assessing Officer was erroneous insofar as it is prejudicial to the interest of the revenue, inter alia, on the grounds that the Assessing Officer did not make proper enquiry and that, while computing the income of the assessee, he first set off the profit from the speculation business against the carried forward speculation loss.
(3.) THE assessee preferred an appeal before the said Tribunal.;