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2019 (12) TMI 454 - ITAT BANGALOREAddition on account of shortage in margin money - assessee has to pay margin money @ 7% of the value of transactions as per trading rules. - AO worked out peak credit of trading activity - Ld CIT(A) took the view that the AO was not correct in allowing deduction of ₹ 19,03,141/- against the margin money deposit computed on peak credit - Accordingly he directed the AO to enhance the addition. HELD THAT:- The assessee did not produce any document/evidence to show that he did not make any margin money deposit as computed by the AO. The assessee has furnished Ledger account copy in the name of the assessee as available in the books of M/s Prasiddhi Multi Commodities - it cannot be comprehended that why the assessee could not procure a certificate from the broker with regard to the query raised by the AO. The enhancement made by Ld CIT(A) is not justified, as the reasoning/basis of enhancement was only presumption entertained by the ld CIT(A) - the enhancement made by Ld CIT(A) is deleted - However, since the assessee has failed to furnish any material/evidence to controvert the addition made by the AO in the assessment order, the Ld CIT(A) was justified in confirming the said addition. Appeal of assessee allowed in part.
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