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2023 (4) TMI 272 - AT - Income TaxBogus purchases - bogus or contrived transaction - addition of net result of purchase and sale and not the entire sales as per CIT - HELD THAT:- CIT(A) has come to a conclusion to sustain the addition of the net result of purchase and sale and not the entire sale and thus, deleted the addition made by the Ld. AO. However, while dealing with ground no. 10 in para 5, Ld. CIT(A) has held the commodity profit to be bogus. We note that while holding so, CIT(A) has not given his explanations, reasoning and the basis for arriving at such a conclusion. From these findings given in two paragraphs by the CIT(A) it is not discernible as to how and on what basis, Ld. CIT(A) has arrived at this conclusion. CIT(A) has merely extracted the observations of the Ld. AO and the submission of the assessee without dealing with them objectively and analytically. Accordingly, to meet the ends of justice and fair play, we find it proper to remit the matter back to the file of Ld. CIT(A) with a direction to pass a speaking order by considering the material placed on record and available through the enquiries made by the Ld. AO, by affording reasonable opportunity of hearing to the assessee. Both the appeal of the revenue and the Cross objection of the assessee are allowed for statistical purposes.
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