This assessee’s appeal for A.Y. 2014-15, arises from order of the CIT(A)-10, Ahmedabad dated 28-08-2017, in proceedings under section 143(3) of the Income Tax Act, 1961; in short “the Act”.
ITA No. 2358/Ahd/2017
IN THE INCOME TAX APPELLATE TRIBUNAL
AHMEDABAD “C” BENCH
(Conducted Through Virtual Court)
Before: Shri Mahavir Prasad, Judicial Member
And Shri Amarjit Singh, Accountant Member
Edelweiss Broking Ltd.
(on behalf of
Revenue by: Shri L.P. Jain, Sr. D.R.
Assessee by: Shri Biren Shah, A.R.
Date of hearing : 09-08-2021
Date of pronouncement : 23-08-2021
1. The solitary ground of appeal of the assessee is directed against the order of ld. CIT(A)-10 Ahmedabad in sustaining the addition made by the Assessing Officer by treating the normal business loss of Rs. 1,92,268/- as speculation loss.
2. The case was subject to scrutiny assessment and notice u/s. 143(2) was issued on 28th August, 2015. During the course of assessment, the Assessing Officer observed that assessee has claimed expenses on account of loss of trading of securities. The Assessing Officer asked the assessee to show cause why losses of trading of securities should not be disallowed and treated as speculation loss. The assessee explained that loss of Rs. 1,92,268/- pertained to loss of account of error trade.
3. Aggrieved assessee filed appeal before the ld. CIT(A). The ld. CIT(A) has dismissed the appeal of the assessee following the observation of his predecessor pertaining to the same issue in assessment year 2013-14.
4. In the result, the appeal of the assessee is allowed.
Order pronounced in the open court on 23-08-2021.
Please find attached the enclosed file for the full judgement.