S.263 CIT cannot treat Loss as speculative which was treated as business by AO with due application of mind

ITT Shipping (P) Ltd. Vs Pr. CIT (ITAT Kolkata) On consideration of this explanation and the case law cited by the assessee, the assessing officer in his order passed u/s 143(3) has not held that the “Forward Contract Loss” claimed by the assessee is to be treated as Speculative loss. The AO accepted the expenditure of the assessee. Under these circumstances, it cannot be said that there was non-application of mind by the assessing officer to this issue or that the order was passed without making adequate enquiries or verification which should have been made or that the order was passed al...