Vijay Kumar Aggarwal v. PCIT (2022) 93 ITR 602 (Delhi)(Trib.)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Loss-Set Off-Business or Speculation Loss-Income or loss from similar transaction held to be from business in earlier years-Change of opinion-Revision invalid. [S. 143 (3)]

Held that that even if the loss  was treated as speculation loss the declared loss as well as taxable income would remain the same for the assessment years 2015-16 and 2016-17. There was no loss to the Revenue. The reason was that the assessee had huge losses brought forward from earlier years and if the amount was not allowed to be set off it would be adjusted against the brought forward losses. If there was no loss of revenue in the year or in the subsequent year nor would it impact the taxable income, the assessment order could not be held to be prejudicial to the interests of the Revenue and accordingly, the assessment order could not be set aside. (AY.2015-16, 2016-17)

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