Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (12) TMI 1402 - AT - Income TaxUnexplained source of cash deposits in bank account - Held that:- Absence of any document in support of claimed of assessee that she was a sub-broker and cash deposited in bank belong to the clients, we find no fault in the order of Ld. CIT(A). In our considered view, the assessee has not able to file any documentary evidence with regard to the nature and source of the cash deposits in her bank account of ₹ 56,30,000/-. Therefore, the CIT(A) has rightly sustained the additions. Set off of the loss to be allowed against the income taxed u/s 69 - Held that:- This plea is against the legal provision of the Act. This loss was a ‘speculation loss’ and it could be set off only against ‘speculation income’. Therefore, the CIT(A) has rightly denied the benefit of set off to the assessee. The final plea of the Ld. A/R that the matter may be restored to the file of the AO also cannot be accepted for the reasons that the assessee has been provided sufficient opportunity before the authorities below to produce necessary documents in support of her claim. Any remand of the issue to the file of the AO as this stage shall be against the basic tenants of law. Assessee appeal dismissed.
|