Assessee-company was NBFC engaged in business of purchase and sale of shares . In relevant assessment year there was no change in business Assessee claimed set off of losses of earlier two years against profit of relevant assessment year . AO allowed\u00a0 set off of loss in accordance with Explanation to section 73 as per which, business of assessee-company was deemed to be a speculative business.\u00a0 However, thereafter, the AO passed order under S.\u00a0 154 holding that brought forward losses of earlier years were speculative loss which could not be set off against business income of relevant assessment year. CIT (A) confirmed the order of the AO. On appeal\u00a0 the Appellate Tribunal held that when business of assessee in relevant assessment year remained same as that in earlier two years, brought forward losses had correctly been set off against speculative business income for year under consideration and there was no mistake apparent from record in assessment order. ( AY. 2010 -11) \u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 154 : Rectification of mistake \u2013 Speculation business- Brought forward loss of earlier years were rightly set off against speculative business income for the year- No mistake apparent from record in assessment order. [ S.73 ]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-12856","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-3lm","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12856","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=12856"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12856\/revisions"}],"predecessor-version":[{"id":12857,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12856\/revisions\/12857"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=12856"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=12856"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=12856"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}