2023 (10) TMI 1021

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....MBER: This is an appeal preferred by the assessee against the order of Learned Commissioner of Income-tax (Appeals)-NFAC, Delhi [hereinafter referred to Ld. 'CIT(A)'] dated 08.06.2023 for the Assessment Year (in short 'AY') 2015-16. 2. The assessee has raised the following grounds of appeal: "1. The Ld. AO erred in adding Rs. 6,63,623/- being the purchase of forward transactions of ....

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....thereby carrying forward the future & options to the next year to the tune of Rs. 6,63,623/-. The AO, on this basis, deducted the said amount from the purchases. Thereafter, the AO disallowed the same by observing that the assessee has not disclosed the said losses in the return of income and the same was not allowed to be carried forward thereby making addition of Rs. 6,63,623/- to the income of ....

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....is loss and therefore, there is no question of disallowance of loss or addition of loss when the same is not claimed in the computation of income. In our opinion, the AO has wrongly appreciated the facts of the case which is also in appellate proceedings by Ld. CIT(A). In view of the above facts, we are inclined to set aside the order of Ld. CIT(A) and direct the AO to delete the addition. Therefo....

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....nce sheet, profit and loss account, we find that the assessee has raised unsecured loan of Rs. 37,42,250/-. The total capital of the assessee as on 31.03.2015 after adjustment of net profit earned during the year and withdrawal made by the assessee worked out to Rs. 59,42,826/-. These are only two major items on the liability side which are correspondingly matched by various assets on the asset si....