The AO had passed assessment order allowing the set off of derivative loss against the business income. The said order was sought to be revised by the CIT. However, in spite of giving opportunity, the assessee did not appear before the CIT. Hence, the CIT passed revisional order which was challenged before the Tribunal. The Tribunal held CIT had no jurisdiction as this aspect was examined by the AO during assessment proceedings. The Tribunal recorded argument of the advocate of the assessee that there was no bar under the Act allowing such set off but it did not give any finding about correctness of such submission. The Revenue challenged the order of the Tribunal in further appeal.  The High Court held that since 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, the matter has to be freshly decided by the CIT. (AY. 2017-18)