| COURT: | ITAT Mumbai |
| CORAM: | N. K. Billaiya (AM), Vijay Pal Rao (JM) |
| SECTION(S): | 43(5), Explanation to s. 73 |
| GENRE: | Domestic Tax |
| CATCH WORDS: | speculative loss |
| COUNSEL: | Vijay Mehta |
| DATE: | August 7, 2015 (Date of pronouncement) |
| DATE: | August 10, 2015 (Date of publication) |
| AY: | 2006-07 |
| FILE: | Click here to download the file in pdf format |
| CITATION: | |
| (i) DR can only support the AO's order and cannot set up an altogether new case before the ITAT, (ii) Loss on sale of shares, even if a speculation loss, can be set-off against the gains on sale of shares | |
(i) The Departmental Representative has no jurisdiction to go beyond the order passed by the Assessing Officer. He cannot raise any point different from that considered by the Assessing Officer or the Commissioner of Income-tax (Appeals). His scope of arguments is confined to supporting or defending the impugned order. He cannot set up an altogether different case;
(ii) Even if the loss claimed by the assessee relating to share transactions as well as loss resulting on valuation of closing stock is treated as speculation loss, the same is entitled to be set-off against the profit on sale of shares in view of DLF Commercial Developers Ltd. 261 CTR (Del) 127.
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