TaxTMI 
TaxTMI 
2022 (12) TMI 396
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....47 of the Income Tax Act, 1961 ('the Act') vide order dated 28.03.2014. The assessee has raised the following grounds of appeal:- "1.On the facts and circumstances of the case as well as law on the subject, the learned assessing officer has erred in reopening assessment by issuing notice u/s 148 of the I.T Act, 1961. 2.On the facts and circumstances of the case as well as law on the subject, the learned Commissioner of Income Tax (Appeals) has erred in partly confirming the action of assessing officer in making addition u/s 69 of the I.T. Act by sustaining addition to the extent of Rs.10,23,600/- as against addition of Rs.21,09,967/- made by ld. assessing officer. 3. On the facts and circumstances of the case as w....
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.... details regarding share transaction and Assessing Officer recorded that assessee furnished reply along with copy of profit and loss account, balance-sheet, computation of income. During the assessment, the assessee was asked to furnish the information regarding share transaction. The assessee in his reply dated 22.03.2014 submitted that during the relevant period he sold certain machinery and jewellery to different persons to make trading in F&O in Religare Securities Pvt. Ltd. in such trading he used to deposits 10 to 15% of margin as securities amounts and purchased various script of different dates. On each and every time, the assessee was unable to cash so as per Security Exchange Board of India's guidelines he entered into agreement w....
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.... received and the assessee intended to file before the Assessing Officer, he has passed assessment order under section 143(3). The assessee filed such details along with plea of additional evidence under Rule 46A. The assessee submitted that Assessing Officer added the entire share transaction. On furnishing such details, the Ld. CIT(A) forwarded such details to Assessing Officer for examination and furnishing his remand report. The Assessing Officer furnished his remand report dated 09.10.2015. In the remand report, the Assessing Officer reported that assessee made share transaction in derivatives segment as well as delivery of share. The assessee has shown loss of derivatives segment of Rs.9,69,451/- and in cash (delivery) segments of Rs.....
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....450.90) Total loss (11,38,332.24) 5. The assessee further stated that against the investment of Rs.10,23,600/- the assessee incurred the loss of Rs.11,38,332/-. Hence, net addition income would be Rs.(-) 1,14,732/- after set of loss. The assessee stated that he has not carried forward any kind of loss in his return of income. The assessee stated that no addition be made against the assessee. 6. The Ld. CIT(A) after considering the remand report of Assessing Officer and the submission of assessee held that assessee paid Rs.11,43,200/- to Religare Securities Pvt. Ltd. and assessee has received Rs.2,99,400/- from Religare Securities Pvt. Ltd. The peak of the same were worked out to Rs.10,23,600/-. Further the as....
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....Ground No.2 relates to partial sustaining the addition and Ground No.3 relates to not allowing set off of losses suffered by assessee during the year under consideration in derivatives and cash delivery segments against the addition sustained by Ld. CIT(A). The Ld. AR for the assessee submits to cut short the controversy, though no addition, even to the extent of Rs.10,23,600/- is liable to be sustained, yet the assessee made a limited prayer that if loss of current year is directed to be set off against the cash delivery segment the assessee would not pressed for any other ground. The Ld. AR for the assessee further submits that it is an admitted position under law that where the Assessing Officer made addition of some amount to the assess....
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....efore Assessing Officer, during the remand proceedings the assessee accepted that the assessee has suffered losses in share transaction of Rs.9,69,451/- in derivative segment and Rs.1,68,881/-in cash delivery segment. The Ld. CIT(A) upheld the addition to the extent of peak investment. On the plea of assessee that assessee be allowed set off loss, the Ld. CIT(A) held that such claim cannot be entertained at this stage. In my view, though the Assessing Officer is not entitled to admit or entertain additional claim during the assessment proceedings, however the appellate authority has such jurisdiction to admit such additional claim as has been held by Hon'ble jurisdictional High Court in the case of CIT Vs. Mitesh Impex (2014) 367 ITR 85....