Case Law Details
Weizmann Capital Ltd. Vs ACIT (ITAT Mumbai)- The income, which the Assessing Officer initially formed a reason to believe had escaped assessment, has as a matter of fact, not escaped assessment, it is not open to the Assessing Officer independently to assess some other income. In the present case, the Assessing Officer reopened the assessment for the reason to believe that there is diminution in the value of shares but it is not correct and while making assessment the Assessing Officer had made an assessment on a different ground that the loss claimed by the assessee is not capital loss and it is a speculative loss.
If we apply the ratio laid down by the Honourable jurisdictional High court to the facts of the case under consideration, the addition made by the AO cannot be sustained. We, therefore, delete the addition made on this count.
When the facts are available on record, the Tribunal has the power to admit a legal ground raised even for the first time before the Tribunal.
Weizmann Capital Ltd. Vs Asst. Commissioner of Income Tax
In The Income Tax Appellate Tribunal
Please become a Premium member. If you are already a Premium member, login here to access the full content.