TaxTMI 
TaxTMI 
2022 (3) TMI 1182
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....in common grounds of appeals, except variation of addition on account of peak amount of investment, therefore, with the consent of parties both the appeals clubbed, heard together and decided by consolidated order. For appreciation of facts in appeal for AY 2010-11 is treated as a lead case. The assessee in appeal for AY 2010-11 in ITA No.168/SRT/218 has raised the following grounds of appeal:- "1. As regards addition of Rs. 64,20,775/- 1.1 The ld. CIT(A) has erred and was not justified on the facts of the case and in law in confirming the addition of Rs. 64,20,775/- being peak amount of investment and not going by the actual profit/loss in the shares transaction 2. The appellant prays that 2.1 The additi....
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....rough, Anand Rathi Commodities Ltd', Globe Commodities, and through Religare Commodities Pvt. Ltd. The AO further recorded that due to non-availability of any document on the part of assessee, difference of purchase and sale and maximum amount of investment were identified and the basis of such information, assessee was again issued final show cause notice dated 15.01.2016, mentioning clearly as to why peak amount of investment of Rs. 64,20,775/- should not treated as income for computation of tax. The AO recorded despite given numerators opportunity to the assessee, the assessee failed to attend and provide any evidence.Accordingly, the AO made addition of Rs. 64,20,775/- in the assessment order passed U/s 144 r.w.s. 147 of the Act dated 2....
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....,875/- by considering of peak investment. The assessee stated that he invested of Rs. 10,000/- as margin money from his own source and incurred as loss to the tune of Rs. 779/- and stated that there was no peak investment at any point of time of Rs. 1,36,875/-. 5. On the submission of the assessee, the ld CIT(A) called remand report from AO. The AO furnished his remand report on 29.05.2017. The remand report was share with assessee. The assessee filed his rejoinder. The ld. CIT(A) after considering the submission of the assessee and remand report when the material gathered concluded that the assessee has not any filed evidence. Therefore, there is no requirement to interfere with the action of the Assessing officer. Further, aggrieved th....
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....ssessee has no opportunity to explain such entries of transactions of various commodities. The ld. AR further submits that it is settled law that no material or evidence can be used against the assessee unless the same is confronted to the assessee. The ld AR for the assessee submits that the assessee has good case on merit and would likely to succeed, if the assessee is given opportunity to the assessee. The ld AR for the assessee submits that keeping in view the principles of natural justice matter may be restore to the file of AO, with the liberty to the assessee to explain the various entity in the transaction. 8. On the other hand, the ld. Sr. DR for the Revenue submits that the assessee was given sufficient opportunity of hearing b....