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TMI Blog2012 (9) TMI 1179X X X X Extracts X X X X X X X X Extracts X X X X ..... thereby set aside the assessment order u/s 143(3) dated 24.12.2010 and directing the Ld. Assessing Officer to reassess the income in the light of directions given in the order passed u/s 263. b) By not considering and allowing the claim of the assessee to set off the net business loss of ₹ 1185340/- suffered in the trading of shares / derivative in futures options u/s 43(5) of the Income Tax Act, 1961 against the other income's. 3. After hearing both the parties, we find that upon examination of assessment records, the Ld. CIT(A) noticed that the assessee had taken unsecured loans amounting to ₹ 10,45,000/- from the following parties. Name & address Amout (Rs. ) Date Shri Pal Singh S/o Shri Sher Singh Vill. Sarbarpur, Teh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ITR 206 (Bom)CIT Vs Development Credit Bank Ltd. 5. However, Ld. Commissioner after examining the submissions was not satisfied because according to him Assessing Officer had made only very casual inquiries and no documentary evidence in respect of the source in the hands of the creditors was obtained, therefore, the assessment order was erroneous. The Ld. Commissioner held that assessment order was erroneous and prejudicial to the interest of Revenue and set aside the same and directed the Assessing Officer to re-assess the income of the assessee. 6. Before us, the Ld. counsel for the assessee reiterated the submissions made before the Commissioner and also filed copies of the affidavits and statements recorded before the Assessing Offi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... een stated that creditors are basically agriculturists and are also related to the husband of the assessee. In case of Shri Pal Singh, the loan was stated to have been given in cash out of agricultural income and in case of Bharpur Singh, the loan was stated to have been given through transfer of funds from the bank account. Shri Bharpur Singh had further admitted that loan has been refunded to him through cheque. These facts clearly show that Assessing Officer has made reasonable inquires. At best, it can be said that these enquiries are not according to the standard of Ld. Commissioner but it will not make the order erroneous. Hon'ble Delhi High Court in the case of CIT v Anil Kumar Sharma [2011] 335 ITR 83(Delhi) has observed as unde ..... X X X X Extracts X X X X X X X X Extracts X X X X
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