TMI Blog2020 (2) TMI 315X X X X Extracts X X X X X X X X Extracts X X X X ..... cuments and to comment upon them. Following the view taken by the coordinate benches of this Tribunal for the assessment years 2010-11 and 2011-12 in assessee s own case, under identical facts and circumstances, we find it a fit case to set aside the impugned order on this aspect and to remand the issue to the file of the learned Assessing Officer for verification of the documents produced by way of additional evidence before the Ld. CIT(A) and to take a fresh view. We accordingly set aside the issue to the file of the learned Assessing Officer for verification of the documents produced by way of additional evidence before the Ld. CIT(A) and decide it afresh. Grounds No. 1 and 2 are accordingly allowed for statistical purpose. Additi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 29/9/2012 declaring total income of ₹ 1,15,22,200/-. During the scrutiny learned Assessing Officer noticed that the assessee did not deduct any TDS on the commission paid to the foreign agents to the tune of ₹ 56,05,298/-. Assessee explained that the foreign agents to whom the commission was paid are not located in India and the services were rendered outside India. Learned Assessing Officer, however, did not agree with the contention of the assessee and opined that the services provided by the non-resident foreign agent or being utilised in India and clearly taxable under section 9(1)(i) and 9(1)(vi) (b) of the Act and therefore the non-deduction of TDS is covered by section 195 of the Act and consequently brought to this amo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce of agreed price and market price, and such loss cannot be said to be loss incurred on account of agreement of contracts . 5. Learned Assessing Officer made a distinction between the dispute settled and contract settled, and observing that there is no evidence/proof that there was a dispute between the parties, that either of the parties had approached a court of law/arbitrators and had settled a dispute by way of paying the damages/in accordance with such award and therefore, it has to be inferred that all the transactions of settlement entered into by the assessee were mutually settled without actual delivery of goods which falls under the ambit of speculative transactions under section 43(5) of the Act. According to the learned As ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e, if any, was referred to any court of law or to the arbitrators and all the transactions of settlement entered into by the assessee were mutually settled without actual delivery of goods which fall under the ambit of speculative transaction under section 43(5) of the Act. In the circumstances, Ld. DR submits that, in the absence of any evidence to the contrary, learned Assessing Officer is justified in treating the loss as a speculation loss which cannot be available for set off against the business income of the current year. 8. Per contra, it is the submission of the Ld. AR that both the issues are squarely covered by the order dated 7/1/2020 in ITA No. 3757/Del/2016 for assessment year 2011-12 rendered by a coordinate Bench of this ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... circumstances, a coordinate Bench of this Tribunal thought it fit to remand the matter to the file of the learned Assessing Officer in relation to the assessment years 2010-11 and 2011-12 in ITA Nos. 2876/Del/ 2016 by order dated 20/3/2019 and ITA No.3757/Del/2016 by order dated 7/1/2020 respectively. 11. The paper book filed before us shows that the assessee produced certain documentary evidence in support of rate difference, brokerages etc and now it remains an admitted fact that such material was not available before the Assessing Officer when the assessment was made. The impugned order also does not reveal that, before placing reliance on such documentary evidence, the Ld. CIT(A) gave any opportunity to the learned Assessing Officer ..... X X X X Extracts X X X X X X X X Extracts X X X X
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