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2023 (10) TMI 778
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....in concurring with the decision of the A.O. in regard to addition of Rs. 48,09,315/- on account of alleged fictitious loss in derivative trading account u/s 148. The order passed by the Hon'ble CIT(A) is without analyzing the facts of the case and is against the cannons of Justice. Grounds of Appeal No.1 Addition on account of fictitious loss in derivative trading of Rs. 48,09,315/- Addition u/s 148 towards alleged loss of Rs. 48,09,315/- in respect of derivative in Equity & MCX whereas the assessee has reflected a net profit of Rs. 73,46,240/- from derivatives. The assessee has also not revised any income u/s 148 while filing ITR against notice u/s 147. The order confirmed by the Hon'ble CIT(A) i....
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....sessee preferred an appeal before the CIT(A), the Ld. CIT(A) vide order dated 22/06/2018, dismissed the Appeal filed by the assessee. 5. We have heard the Ld. Departmental Representative and perused the material available on record. The Department of Revenue had received an information that the Assessee had received fictitious loss of Rs. 48,09,315/- from Mansukh Securities and Finance Ltd., which reduced the profit of the assessee the case of the assessee was reopened. The assessee was asked to show cause as to why the said amount of Rs. 48,09,315/- not be added back to the income. The assessee replied as under:- "During the course of last hearing, you honour has stated as to why earning of Rs. 48,09,315 received from Mansukh b....
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....ation Wing of the Income Tax Department that the appellant has received fictitious loss of Rs. 48,09,315 from Mansukh Securities and Finance Ltd and therefore, reduced the profit by the same amount. On the basis of this information, the assessment was reopened after recording the reasons for escapement and after taking statutory approval, notice u/s 148 of the I.T. Act was issued on 30.03.2015 requiring the appellant to file return of income for the year under consideration. Reasons for reopening of assessment were also provided to the appellant. The notice u/s 143(2) of the I.T. Act dated 09.09.2015 was issued and served upon the appellant and the objections were duly disposed of by passing a speaking order vide letter dated 07.09.2015. ....