TaxTMI 
TaxTMI 
2018 (4) TMI 1947
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....Appeal: 1. The Commissioner of Income Tax (Appeals) erred in confirming the validity of the Order passed by the assessing Officer u/s 154 of the Income Tax Act. 2. He failed to appreciate that: a) The order under section 154 was not signed by the assessing officer and was not a valid order. b) The notice under section 154 was served on the appellant after the date of the order under section 154. c) Copy of the remand report was not given to the appellant. d) No reasonable opportunity of being heard was given by the Assessing Officer and the Commissioner of Income Tax (Appeals) to the appellant. e) Disallowance of rebate u/s 88E on some items is not a matter of adjustment allowed....
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....54 of the Act without appreciating the fact that disallowance of rebate u/s 88E of the Act is a debatable issue and could not have been subject matter of order passed under section 154 of the Income Tax Act. 4. The facts in brief are that the assessee filed the return of income on 22.11.2006 declaring income of Rs.1,18,95,712/-. The case of the assessee was selected for scrutiny and notices under section 143(3) and 143(2) of the Act were duly issued and served upon the assessee. The assessee was engaged in the business of share trading and has earned income by way of share trading profit and short term capital gain etc. The income of the assessee during the year comprised of brokerage income of Rs.5,80,242/- , share trading profit Rs. 2,....
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....income. Accordingly, the AO was justified in rectifying the order on denying the rebate u/s.88E of the Act, 1961. Accordingly ground nos.4 & 5 are hereby Dismissed." 6. The Ld. A.R. vehemently submitted before us that the assessee is engaged in the business of share trading and brokerage business and during the year derived income by way of share brokerage of Rs.5,80,242/-, share trading profit of Rs.2,10,58,009/- and short term capital gain of Rs.6,79,160/-. The Ld. A.R. invited our attention to statement of total income of the assessee for the year containing details of incomes derived during the year from the business and capital gain as filed at page No.17 of the paper book. The ld counsel also invited our attention to security trans....
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.... rival submissions and perused the records including the impugned order. The undisputed facts of the case are that the assessee is engaged in the business of share brokerage business, share trading and investments in shares and securities. During the year, the assessee derived income by way of brokerage of Rs.5,80,242/-, share trading profit of Rs.2,10,58,009/- and short term capital gain of Rs.6,79,160/-. The assessment was framed by order dated 16.09.08 passed under section 143(3) assessing the income of Rs.1,25,79,870/-. The AO, thereafter, noticed that there are certain items of incomes which were credited in the profit and loss account which are narrated as under: Particulars Amount (In Rs.) Brokerage Income 5,80,242 Int....