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TMI Blog2014 (6) TMI 1071X X X X Extracts X X X X X X X X Extracts X X X X ..... s loss of Rs. 16,20,1857-earned from F & O trading activity despite the fact that neither was such trading activity shown nor loss claimed in the return of income filed by the assessee for the year under consideration. (2) On the facts and in the circumstances of the case and in law, the ld. CIT(A) has erred in allowing the set off of business loss of Rs. 16,20,1857-earned from F & O trading despite the fact that F & O trading activity was carried out through undisclosed bank account, the source of deposits in which remained unexplained. (3) On the facts and in the circumstances of the case and in law, the ld. CIT(A) has erred in allowing set off of business loss of Rs. 16,20,185/- despite the fact that addition to the extent of Rs. 10, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... loss from Futures & Option-shares not shown in return of income Rs 16,20,185 Net Business Income not shown in return of income Rs 1,48,384 5. The Assessing Officer observed that in view of the above explanation, the assessee has offered net business income of Rs 1,48,384/- for taxation. The Assessing Officer observed that it is clear from the submission of the assessee that he has not disclosed his transactions in shares in the return of income. As the assessee has not taken into account transactions of shares while filing the return, he had not claimed any loss from share transactions in his original return. Hence, claim of loss from share transaction at this point of time cannot be acceded to. The Assessing Officer fu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pellant's submissions. In my opinion the fresh evidences submitted by the appellant are not fit to be considered while deciding the issue in question. Hence, the addition made by the A.O. on account of unexplained deposit in the undisclosed bank a/c is sustained and the appellant's ground of appeal is dismissed. So far as second ground of appeal related to allowance of loss on share transactions is concerned, I do not agree with the A.O.'s view due to the following reasons: i. Once the unaccounted bank a/c is open to scrutiny, it is open in respect of all incomes, claims and losses. The A.O. is authorized to make addition on the basis of the documents available with him but at the same time he cannot ignore if any loss/claim comes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee on the ground that such loss was not disclosed in the return of income filed by the assessee. 9. On appeal, the Commissioner of Income Tax (Appeals) directed the Assessing Officer to allow the benefit of said business loss to the assessee. 10. Being aggrieved by the direction of the Commissioner of Income Tax (Appeals), Revenue is in appeal before us. 11. The Departmental Representative relied upon the order of the Assessing Officer whereas the Authorized Representative of the assessee relied upon the order of the Commissioner of Income Tax (Appeals). 12. We find that the genuineness of the business loss of Rs 16,20,185/- suffered by the assessee during the year under consideration on account of its dealing in Futures & Options ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs before them indicate that some refund or relief is due to him. This attitude would, in the long run, benefit the department, for it would inspire confidence in him that he may be sure of getting a square deal from the department. Although, therefore, the responsibility for claiming refunds and reliefs rests with the assessees on whom it is imposed by law, officers should- (a) draw their attention to any refunds or reliefs to which they appear to be clearly entitled but which they have omitted to claim for some reason or other; (b) freely advise them when approached by them as to their rights and liabilities and as to the procedure to be adopted for claiming refunds and reliefs." This circular was explained in CIT v. Ahmedabad Kais ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... i) if the proceeding or any other particulars before him at the stage of the original assessment indicated that the assessee was entitled to such relief under the provisions of the relevant Finance Act, 1965, so far as the order under reference is concerned. This question in the light of this circular of 1955 has not been examined by the Tribunal. What applies to the obligation of the ITO would also apply to all officers of the department concerned with the execution of the Act." 14. Further, we find that the Hon'ble Supreme Court in the case of CIT Vs. D.P. Sandu Bros. Chembur (P) Ltd. (2005) 273 ITR 1 (SC) has held as under: "Section 14 of the Income-tax Act, 1961 as it stood at the relevant time similarly provided that "all income sh ..... X X X X Extracts X X X X X X X X Extracts X X X X
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