TMI Blog2022 (7) TMI 166X X X X Extracts X X X X X X X X Extracts X X X X ..... 133(6) of the Act issued to the concerned parties with whom the assessee made transaction remained unanswered Even in first appeal, the assessee could not furnish any evidence to prove the aforesaid business transaction and loss thereof. The ld. CIT(A), therefore, dismissed the appeal of the assessee. Thus after hearing the ld. DR, we do not find any reason to interfere with the above order of the ld. CIT(A). The order of the CIT(A) is accordingly upheld. - Decided against assessee. - I.T.A. No. 1489/Kol/2019 - - - Dated:- 28-6-2022 - Shri Sanjay Garg , Judicial Member and Shri Girish Agrawal , Accountant Member None appeared on behalf of the appellant Shri Biswanath Das , Addl. CIT-DR , appeared on behalf of the resp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Rs.23,33,238/- being business loss claimed by the assessee on purchase and sale of skimmed milk powder and channa. During the assessment proceedings, the assessee was asked by the Assessing Officer to furnish necessary evidences to prove the transaction of sale and purchase and the loss thereof incurred by the assessee on such transaction. However, the assessee failed to furnish any reliable evidence to prove the transaction. Even the notices by the Assessing Officer u/s 133(6) of the Act issued to the concerned parties with whom the assessee made transaction remained unanswered. The Assessing Officer, therefore, held that the assessee had booked bogus loss and accordingly disallowed the same. 4. Even in first appeal, the assessee coul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ss incurred after trading in the purchase and sale of SMP and Channa in ordinary business transaction. 2. Subsequently, it is stated that the said loss incurred in forward contract for purchase and sales. 3. Stock Register was not produced before the A.O. 4. No copies of challans regarding actual delivery of these above goods were produced before the AO. 5. Purchase and sales were made with the same set of persons namely Anik Industries Ltd, Sharthak Industries Ltd., Teej Impex Pvt. Ltd and Selwel Minerals Pvt. Ltd. year after year. Apart from the said companies, no other company entered into transaction with the appellant company and it appeared that the saver policy of the mother company given the accommodation ent ..... X X X X Extracts X X X X X X X X Extracts X X X X
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