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2020 (2) TMI 1348 - AT - Income TaxBogus currency derivative loss - addition based on Shri Sachet Saraf’s search statement - HELD THAT:- Assessee’s detailed paper book comprising of 200 pages including contract notes issued by the broker relating to currency derivative transactions, corresponding bank statement, various judicial precedents and taxpayer’s submission before the CIT(A) stands perused. Instant issue of bogus currency derivative loss based on Shri Sachet Saraf’s search statement is no more res integra as tribunal’s co-ordinate bench’s decision in M/s Tirupati Awas Pvt. Ltd. [2018 (3) TMI 1883 - ITAT KOLKATA] wherein held there was no corroborative evidence which supports the view of the AO that the said transaction was unexplained. No additional evidence, which was filed before the CIT-A, but not before the AO. CIT-A deleted the said addition only on the basis of material/evidence available on record, which were very much before the AO in the re-assessment proceedings. The case laws as relied on by the assessee before the CIT-A were relevant and applicable to the present facts of the case - Decided against revenue.
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