2023 (8) TMI 1171

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....sues raised in these appeals are common, we are, therefore, proceeding to dispose them off by this consolidated order for the sake of convenience. 2. Ground No. 1 challenging the initiation of re-assessment proceedings, was not pressed by the ld. AR. The same is, therefore, dismissed. 3. The second ground is against the addition of Rs. 3,47,760/- made by the AO in Paddy Basmati account. 4. Succinctly, the facts of the case are that the assessee is a non-resident, who filed his return declaring total income at Rs. 10,60,310/-. It transpired that the assessee had not offered profit earned on certain transactions made on National Spot Exchange Ltd. (NSEL). On this basis, notice u/s. 148 was issued. Compliance was made by the assessee.....

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....ort of Anand Rathi Commodities Ltd. showed two sets of transactions of Paddy Buy and Paddy Sell on 19-03-2013 and 11-03-2013, which were not recorded in the books of account for the year under consideration. The assessee kept raising a claim before the AO as well as the DRP that these transactions were recorded in the subsequent year. However, the assessee failed to substantiate his contention. Neither any material could be placed before the AO/DRP to demonstrate the booking of profit from such transactions in the immediately succeeding year, nor the position has improved any further before the Tribunal. In view of the admitted facts that the transactions did take place, and profit from them was neither recorded in the year under considerat....

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..... with trade date 01-02-2013 for purchase of 3200 quantity of GOLDM by 05-02-2013 and sale of such quantity by 05-03-2013. The purchase transaction got actually concluded on 04-02-2013. A copy of Contract-cum-bill dt. 04-02-2013 has been placed at page 37 of the paper book with value of Rs. 48,47,160/-. Similarly, the sale transaction got actually concluded on 01-03-2013. A copy of Contract-cum-bill dated 01.03.2013 has been placed at page 38 of the paper book with value of Rs. 47,04,514/-. We have also gone through the ledger of transactions of Anand Rathi Commodities Ltd. with the assessee, whose copy has been placed at page 25 onwards of the paper book, showing Buy Sauda date as 01-02-2013 and the actual transactions date of sale and pur....

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....enses, Travelling and Depreciation etc. Considering the facts in entirety, we are of the considered opinion that it would be just and fair if the disallowance is restricted to 20% towards personal element in expenses and unverified expenses. The assessee gets the relief accordingly. A.Y. 2014-15 : 10. The first ground regarding initiation of re-assessment proceedings was not pressed by the ld. AR. The same is, therefore, dismissed. 11. The second ground is against the addition of profit of Rs. 1,72,844/- on the transaction in Paddy Basmati. From the Sauda report received from Anand Rathi Commodities Ltd., the AO observed that there was one transaction of Buy Paddy Basmati of Rs. 1,26,67,200/- and the corresponding Sell Paddy of Rs. 1,....

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.... the end of the statement, it has been mentioned that: "In view of National Spot Exchange Ltd. (NSEL), Circular No. NSEL/TRD/2013/065 dated July 31, 2013, NSEL has suspended & postponed the settlement of all one day forward contract & accordingly you have to receive around Rs. 12,560,551.81 as on 31-03-2021 from NSEL after adjusting all transaction cost". This shows that though the assessee made the payment for the purchase of Paddy but could not take the delivery as a sum of Rs. 1.25 crore is still due from NSEL as per the above statement. On one hand, the assessee did not receive the delivery despite making payment for the purchase price, on the other, the AO computed profit from the presumed sale. We fail to appreciate that when the good....