TaxTMI 
TaxTMI 
2014 (6) TMI 1071
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....) has erred in allowing the set off of business loss of Rs. 16,20,1857-earned from F & O trading activity despite the fact that neither was such trading activity shown nor loss claimed in the return of income filed by the assessee for the year under consideration. (2) On the facts and in the circumstances of the case and in law, the ld. CIT(A) has erred in allowing the set off of business loss of Rs. 16,20,1857-earned from F & O trading despite the fact that F & O trading activity was carried out through undisclosed bank account, the source of deposits in which remained unexplained. (3) On the facts and in the circumstances of the case and in law, the ld. CIT(A) has erred in allowing set off of business loss of Rs. 16,20,1....
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....deposited on 26.10.2006 Dalali income not shown in return of income Rs 17,68,569 Business loss from Futures & Option-shares not shown in return of income Rs 16,20,185 Net Business Income not shown in return of income Rs 1,48,384 5. The Assessing Officer observed that in view of the above explanation, the assessee has offered net business income of Rs 1,48,384/- for taxation. The Assessing Officer observed that it is clear from the submission of the assessee that he has not disclosed his transactions in shares in the return of income. As the assessee has not taken into account transactions of shares while filing the return, he had not claimed any loss from share transactions in his original ....
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....issioner of Income Tax (Appeals) deleted the addition by observing as under: "I have considered the assessment order, the remand report and the appellant's submissions. In my opinion the fresh evidences submitted by the appellant are not fit to be considered while deciding the issue in question. Hence, the addition made by the A.O. on account of unexplained deposit in the undisclosed bank a/c is sustained and the appellant's ground of appeal is dismissed. So far as second ground of appeal related to allowance of loss on share transactions is concerned, I do not agree with the A.O.'s view due to the following reasons: i. Once the unaccounted bank a/c is open to scrutiny, it is open in respect of all incomes, cl....
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.... assessee claimed to have suffered business loss of Rs 16,20,185/- on account of dealing in Futures & Options share transactions. The Assessing Officer did not allow the benefit of such loss to the assessee on the ground that such loss was not disclosed in the return of income filed by the assessee. 9. On appeal, the Commissioner of Income Tax (Appeals) directed the Assessing Officer to allow the benefit of said business loss to the assessee. 10. Being aggrieved by the direction of the Commissioner of Income Tax (Appeals), Revenue is in appeal before us. 11. The Departmental Representative relied upon the order of the Assessing Officer whereas the Authorized Representative of the assessee relied upon the order of the Commissioner o....
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....payer in every reasonable way, particularly in the matter of claiming and securing reliefs and in this regard the officers should take the initiative in guiding a taxpayer where proceedings or other particulars before them indicate that some refund or relief is due to him. This attitude would, in the long run, benefit the department, for it would inspire confidence in him that he may be sure of getting a square deal from the department. Although, therefore, the responsibility for claiming refunds and reliefs rests with the assessees on whom it is imposed by law, officers should- (a) draw their attention to any refunds or reliefs to which they appear to be clearly entitled but which they have omitted to claim for some reason or othe....
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....of the circular. In view of this clear position regarding the effect of the circular, it is obvious that in the instant case it was incumbent on the ITO to advise the assessee before us to claim relief under section 2(5)(a)(iii) if the proceeding or any other particulars before him at the stage of the original assessment indicated that the assessee was entitled to such relief under the provisions of the relevant Finance Act, 1965, so far as the order under reference is concerned. This question in the light of this circular of 1955 has not been examined by the Tribunal. What applies to the obligation of the ITO would also apply to all officers of the department concerned with the execution of the Act." 14. Further, we find that t....