TaxTMI 
TaxTMI 
2017 (10) TMI 316
X X X X Extracts X X X X
X X X X Extracts X X X X
....are as under:- "That on the facts and circumstances of the case and in law, the Ld CIT (A) erred in confirming the following action of the Assessing Officer. 1. In completing assessment u/s 144 of the Income Tax Act, 1961 without allowing reasonable, adequate and proper opportunity of hearing. 2. In disallowing loss on sale of snares in a sum of Rs. 1,62,40,000/- incurred in the normal course of business. The above actions of the Ld. CIT(A) are most arbitrary, erroneous and untenable and it is prayed that such actions must be quashed." 2. The appeal was earlier dismissed on 25.10.2011 as nobody was present and Tribunal had dismissed the appeal in limine. However, vide order dated 23.8.2013 the same was recalled and was finally hea....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... assessee i.e. 102, Palco House, 2162/T-10, Main Patel Road, New Delhi - 110008. Since the proceedings are barred by limitation and the assessee is not attending the office in spite of more than sufficient opportunity allowed to him, I am left with no other alternative but to decide the case on merits on the basis of material available on record and as proposed in the show cause notice dated 4.12.2008. In the absence of any details and information the loss claimed by the assessee on trading of shares of Rs. 1,62,40,000/- as discussed above is disallowed. It is also gathered that the assessee has made the transactions of Rs. 1,40,00,000/- in respect of shares of M/s Tech DNA Solutions Ltd. through Vinayak Local Area Bank, Sikar, Rajasthan....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... in the shares of M/s IKF Technologies Ltd. That transaction was carried out through a recognized broker and on the recognized stock exchange. The AR has submitted complete details about the sale and purchase of shares of IKF Technologies Ltd. However, in respect of loss of Rs. 1,30,00,000/- on sale of shares of Tech DNA Solutions, the applicant has failed to submit any convincing evidence. No bills and contact notes from any recognized broker were produced in respect of transaction of Tech DNA Solutions. No share certificate No. and distinctive nos. of shares of Tech DNA Solutions were submitted. Admittedly the shares of Tech DNA Solutions are not traded in the futures and options (F&O) segment. Therefore, the only possibility is through t....
X X X X Extracts X X X X
X X X X Extracts X X X X
....s Ltd. In view of the above discussion, I hold that the Assessing Officer was fully justified in treating the loss on sale of shares of Tech DNA Solutions Ltd. and other companies as not genuine and disallowing the same. I, therefore, confirm the addition of Rs. 1,62,40,000/- made by the Assessing Officer. This ground is rejected." 5. Aggrieved, the assessee is in appeal before us. 6. At the outset, the Ld AR submitted that "Left" remarks as contained in the order of assessment are wrong and assessee was not provided sufficient and reasonable opportunity and it will be in the interest of justice if the appeal is remitted back to the office of Assessing Officer for re-adjudication. He further submitted that even Ld CIT (A) did not provide....