TaxTMI 
TaxTMI 
2019 (6) TMI 1250
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....d 30.11.2016 framed by ITO 5(1), Indore. 2. The assessee has raised following grounds of appeal; "1 That the Ld. CIT(A) has erred in dismissing the appeal 2. That the Ld. CIT(A) has erred in confirming the addition of Rs. 19,93,449/- under the head disallowance of loss of trading in commodity exchange which is wrong and bad in law and is liable to be deleted. 3. That the Ld. CIT(A) has erred in confirming the addition of Rs. 17,92,999/- under the head opening cash balance which is wrong and bad in law and is liable to be deleted. That the appellant craves add, alter and/or any grounds of appeal setout above" 3. Briefly stated facts as culled out from the records are that the assessee is an individua....
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.... income assessee has set off of the loss from the commodity exchange from online trading at Rs. 19,93,449/- shown by the assessee under the head income from other sources and was set off against the profits and gains of business u/s 44AD of the Act at Rs. 3,07,229/- and commission income of Rs. 3,00,000/- shown under the head income from other source. The net loss of Rs. 13,86,223/- was carry forward. 10. Ld. A.O disallowed the claim of set off of loss firstly observing that the assessee had filed belated return on 21.3.2016 and secondly he failed to get its account audited u/s 44AB of the Act as the turnover shown by the assessee from commodity trading was at Rs. 22,82,80,930/- . When the assessee preferred appeal before Ld. CIT(A) he f....
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....authorities to initiate as and where required. However in the instant case no question has been raised for the genuineness of the trading loss. It is true that it has been disclosed under head income from other source but according to Section 71(1) of the Act assessee is entitled to set off this commodity trading from income under the head Business & profession and income from other sources. 12. We therefore in the given facts and circumstances of the case are of the considered opinion that finding of Ld. CIT(A) of confirming the disallowance of commodity trading loss of Rs. 19,93,449/- deserves to be set aside. We accordingly direct the revenue authorities to allow the assessee's claim of commodity trading loss by way of set off to the ....
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....ellant had deposited cash in his saving bank a/c at Rs. 1736130/-. The appellant was asked by the AO to explain the source of cash deposited in the bank accounts. In reply to the said query, the appellant ad submitted profit & loss statement in the required format, cash flow statement before the AO. On perusal of the cash flow statement, it was observed by the AO that the appellant had shown opening balance of Rs. 1792999 and the appellant not submitted any evidence for the said opening balance. 4.2 During the course of appellate proceedings, the appellant has submitted cash flow statement. I have gone through the said statement and find that the opening balance as on 01.04.2013 was at Rs. 17,92,999. But the appellant had not produ....