TaxTMI 
TaxTMI 
2025 (2) TMI 1503
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.... the assessee is private limited company and engaged in the business of trading in shares and securities. The return of income was filed on 30.09.2014 declared NIL income which stood processed. Thereafter, the case was selected for scrutiny through CASS and the assessment was completed vide order dated 30.12.2016 wherein the income under the head of business in profession was estimated on the turnover of Rs. 31,28,79,852/- by applying profit rate of 2% and net addition of Rs. 62,57,597/- was made in the hands of the assessee. Against such order the appeal was filed before Ld. CIT(A) who dismissed the appeal of the assessee. Thus, the assessee has preferred the appeal before the Tribunal by taking following grounds of appeal:- "That....
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....w party as doubtful without bringing any cogent evidence in support of their contention. That the learned AO and learned CIT erred in the eyes of law and on facts while making the estimation of the income without putting any comparable cases of same trade and without bringing out on record any defect in the books of accounts. That the learned CIT erred on facts and without application of mind wherein he hold that false fact in his order that purchases were not verifiable wherein the learned AO mentioned that sale with two parties were not verifiable which shows the learned CIT passed the order without appreciating the actual facts of the case. That the learned AO and CIT (A) erred in the eyes of law and on facts w....
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.... That the learned AO as well as learned CIT erred in law and on facts wherein determining the income of the assessee on estimation basis without bringing on record any deficiency in the rates of the commodities traded by the appellant. That the learned AO as well as CIT failed to consider the audited books of accounts along with quantitative date wise stock register reflecting inflow and outflow of each and every inward and outward of stock. No discrepancy is found out by the learned AO in the stock register, therefore in presence of audited stock register and tax audit report rejection of books result is illegal and order is liable to be quashed. That the learned AO as well as CIT erred in law and on facts wherein r....
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....sessee is dealing in trading of shares and securities and commodities during the course of assessment proceedings, the AO has made enquiry from various parties from whom the assessee is transacted towards purchase and sales of shares and commodities. In response some parties have made compliance and in some cases, there was difference in the amount of purchases and sales. The Ld. AR submits that the Assessing Officer has failed to appreciate the nature of business of the assessee and treat him as normal trader in goods which is evident from the observations made in sub para 1 of para 6 of the order wherein the Assessing Officer has alleged that hire charges claimed was of only Rs. 47,197/- and of Rs. 30,000/- as against sales on Rs. 31,28,7....