ITO, WARD-12(1) Vs. BIJCO HOLDINGS LTD.

JUDGEMENT

(1.) THIS appeal by the Revenue is arising out of the order of CIT(A) -XII, Kolkata in Appeal No. 891/CIT(A) -XII/12(1)/2009 -10 dated 24.04.2012. Assessment was framed by ITO, Ward -12(1), Kolkata u/s. 143(3) of the Income -tax Act, 1961 (hereinafter referred to as the Act) for AY 2007 -08 vide his order dated 21.12.2009.

(2.) THE first issue in this appeal of Revenue is against the order of CIT(A) deleting the addition made by the AO disallowing loss in trading of shares by invoking Explanation to section 73 of the Act. For this, the Revenue has raised the following three grounds.

(3.) THE CIT(A) allowed the claim of the assessee by giving following findings: