M/S. JEEVAN INVESTMENT AND FINANCE PVT. LTD. 1, CHEATEAU WINDSOR, 86, VEER NARIMAN ROAD, CHURCHGATE, MUMBAI 400 020 Vs. THE COMMISSIONER OF INCOME TAX,CITY

JUDGEMENT

(1.) This Appeal under Sec. 260-A of the Income Tax Act, 1961 (the Act), challenges the order dated 15th Sept., 2004 passed by the Income Tax Appellate Tribunal (the Tribunal). The impugned order dated 15th Sept., 2004 relates to the Assessment Year 1997-98.

(2.) This appeal was admitted on 12th July, 2005 on the following substantial question of law:-

(3.) For the Assessment Year 1997-98, the Appellant filed its return of income, declaring a loss of Rs.27.46 lakhs. The details of this loss on account of dealing in shares were as under:- <FRM>JUDGEMENT_161_LAWS(BOM)12_2016.htm</FRM> The Assessing Officer after accepting the loss held that the same could be carried forward to be set off against speculation profits. The Assessing Officer thus by an Assessment Order dated 24th Feb., 2000 assessed that Appellant to 'Nil Income'.