2022 (5) TMI 769

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....alimbe , DR ORDER Per Dr. Dipak P. Ripote , AM This is an appeal filed by the Assessee directed against the order of Ld. Commissioner of Income Tax(Appeals)-1, Pune dated 04.02.2016 for the Assessment Year 2005-06. The Assessee raised the following grounds of appeal: "1] The learned CIT(A) erred in holding that the business loss of Rs. 29,44,160/- incurred by the appellant on pur....

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....s loss and for set off of the same against the business income of the appellant. 4] The appellant requests for admission of additional evidences, if any required in support of the above grounds of appeal. 5] The appellant craves leave to add, alter, amend or delete any of the above grounds of appeal." 2. In this case, the Hon'ble ITAT in ITA No. 516/PUN/2016 for A.Y. 2005-....

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....d by the AO in the assessment order that no individual purchase bills or sale bills have been submitted by the assessee to prove the genuineness. It is mentioned in para 4.6 of the assessment order that the assessee's representative had admitted that the delivery of these goods have not been taken. The AO treated the sale transaction as non-genuine and added Rs. 29,44,160/-. Aggrieved with the....

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....that the transaction is speculative in nature. The Ld. AR categorically stated before the Bench that assessee's representative has not admitted any such thing before the AO. 5. On the other hand, the Ld. DR for the Revenue relied on the order of the Assessing Officer. 6. We have heard both the parties, perused the material available on record and gone through the orders of the lower auth....