2022 (2) TMI 382

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....O made addition to tune of Rs. 29,41,794/- as 1% of Total Transaction on Non Speculative Business of Rs. 29,41,79,375/- without giving effect of the gross purchase of the share transaction, and raised tax demand of Rs. 21,31,730/-. 2. The learned CIT(A) has erred both in law and on the facts of the case for considering that the Bank account of the Sub Broker is bank Account of the assessee. 3. The learned CIT(A) has erred both in law and on the facts of the case in confirming that assessee has made Non Speculative loss of Rs. 21,29,208/- during the A.Y. 2011-12. 3. When the matter is called for hearing, the Assessee's Representative was not present. However, a written submission dated 03/01/2022 was filed before the Tribunal. Based....

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....ment of assessment enhancing the income from Rs. 29,41,790/- to Rs. 41,30,000/- on 16.09.2019. The appellant attended and filed the explanation as under: "That Your honor has issued notice dated 16.9.19 received as on 28.9.19 asking for cash deposit in bank statement of Rs. 41,60,000/- for that it is fruitfully to mention here that Bank statement which was given was not appellant but the same is bank statement of the Kalabhai who was the sub broker, so that appellant has not deposit any cash his bank during the relevant AY. By giving Bank statement of kalabhai, we can prove easily that the Transaction show in the ledger of the Alpha commodity of the appellant and bank statement to the kalabhai are matched. Your honor, I hope that the ....