TaxTMI 
TaxTMI 
2025 (12) TMI 48
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....ich in turn arose from the assessment order passed under section 143(3) of the Act, for the assessment year 2018-19. 2. When the present appeal was called for hearing neither anyone appeared on behalf of the assessee, nor was any application seeking adjournment filed. Accordingly, we proceed to decide the present appeal on the basis of the material available on record and after hearing the submissions of the learned Departmental Representative. 3. The present appeal is delayed by 54 days. Along with the appeal, the assessee has filed an application seeking condonation of delay. According to the assessee, he had appointed a dedicated staff to handle the litigation/compliance matters related to Income Tax, and he was completely dependen....
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....ppeal and decide the grounds on merits. 2. On the facts and circumstances of the case and in law, the Learned CIT(A) erred in confirming the Assessment completed at Rs. 21,02,29,680/- being the income computed as per order u/s. 143(1) of the Income Tax Act, 1961 without considering the facts of the case that the losses from derivative transactions of Rs. 95,89,70,731/- has not been considered while passing the order u/s. 143(1) of the Income tax act, 1961. 3. On the facts and circumstances of the case and in law, the Learned CIT(A) failed to appreciate the fact that, rectification filed by the appellant against 143(1) was rejected due to proceedings u/s. 143(3) was started by issuing notice u/s. 143(2) before intimation u/....
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....assessee raised grounds challenging the adjustment made by the AO-CPC under section 143(1) of the Act, whereby losses from derivative transactions of INR 75,42,18,638 were not considered while passing the intimation under section 143(1) of the Act. The learned CIT(A), vide impugned order, dismissed the appeal filed by the assessee on the basis that the assessment order under section 143(3) of the Act was passed without making any addition and the addition which has been challenged by the assessee was actually made in the intimation issued under section 143(1) of the Act, and therefore, the issue does not emanate from the assessment order passed under section 143(3) of the Act against which the assessee has filed the appeal. The relevant fin....
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....r: 8.2 The appellant had claimed that during the year under consideration that occurred derivative loss of Rs. 95,89,70,731/- however at time of filing of return of income he wrongly filled the losses from derivative under the head "Other Income" in negative amount instead of "Other Expenses/Direct Expenses". Which resulted in the total income at Rs. 21,02,29,680/-. The appellant has submitted that the AO has not considered the documents submitted for the losses incurred from derivative transactions, however the appellant is silent on what documentary evidences were furnished before the AO. Even during the appellate proceedings no such details related to the derivative loss has been furnished by the appellant. The appellant has not....
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....(A) against the order passed under section 154 of the Act on 14/04/2025 having acknowledgement No. 934062530140425. Therefore, from the perusal of documents placed on record, it is evident that the assessee has already taken necessary steps against the issue of non-consideration of derivative loss while computing his income. 8. Despite filing two paper books, the assessee has not placed any material on record to show that the issue of derivative loss was examined by the AO during scrutiny assessment proceedings. Thus, ostensibly, the scrutiny assessment order passed under section 143(3) read with section 144B of the Act did not examine this issue of derivative loss. Therefore, we do not find any infirmity in the order passed by the learn....