9911796707
TMI Blog2023 (5) TMI 1214X X X X Extracts X X X X X X X X Extracts X X X X ..... though the same was issued without recording proper reasons in terms of provisions of section 147 of the Income tax Act, 1961. (ii) That the original assessment having been completed u/s 143(3)/ 153A vide order dated 31/03/2016 after detailed scrutiny, the assumption of jurisdiction u/s 147 after expiry of four years from the end of the assessment year in absence of any case of failure in terms of first proviso to section 147, the notice u/s 148 is invalid and barred by limitation. (iii) That the loss suffered in trading in derivative segment on recognized stock exchange being part of record, the reopening u/s 147 is on account of reappreciation of facts already on record and tantamount to change of opinion and as such the notice u/s 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessing officer in total disregard to the provisions of section 43(5) of the Income tax Act, 1961. (ii) That there being no dispute about genuineness of loss suffered, the CIT(A) was not justified in treating the same is speculative. 6(i) That on the facts and circumstances of the case, the CIT(A) was not justified in upholding addition to the extent of Rs. 1,99,380/- on the alleged ground of commission paid even though the impugned addition is purely on notional basis and not sustainable. (ii) That once the genuineness of transaction carried out on recognized stock exchange stood accepted by CIT(A), the allegation of commission payment is inconsistent, self defeating and without any basis. (iii) That in absence of there being any ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oth, buy and sell trades have been executed through the following brokers on the United Stock Exchange (USE) of India: Beneficiary Member Name (Broker) Counter Party MEMBER NAME (Broker) PARTHSARTHI MERCANTILE PVT LTD PARTHSARTHI MERCANTILE PVT LTD PARTHSARTHI MERCANTILE PVT LTD PARTHSARTHI MERCANTILE PVT LTD PARTHSARTHI MERCANTILE PVT LTD PARTHSARTHI MERCANTILE PVT LTD PARTHSARTHI MERCANTILE PVT LTD PARTHSASHI MERCANTILE PVT LTD PARTHSARTHI MERCANTILE PVT LTD RAIMA EQUITIES PVT. LTD. PARTHSARTH! MERCANTILE PVT LTD PARTHSARTHI MERCANTILE PVT LTD PARTBSARTHI MERCANTILE PVT LTD QUADEYE SECURITIES PVT LTD PARTHSARTHI MERCANTILE PVT LTD PARTHSARTHI MERCANTILE PVT LTD PARTHSARTHI MERCANTILE PVT LTD PARTHSARTHI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... FY 2015-16. 8. A Statement of Shri Vinay Jajodia, Director of Share Broking company M/s GIBIRAJ STOCK BROKING PVT LTD, was recorded under section 131(1A) of the Income-Tax Act, 1961 during the course of survey action under section 133A of the Income-tax Act, 1961. It is observed that Shri Vinay Jajodia, admitted, that he charged brokerage charges of total trade. 9. Enquiries made by the AO: as sequel to information collected/ received: On perusal of return filed, it is seen that the assessee did not claim the current year loss in its return of income filed for AY 2013-14. Thus, the assessee has failed to disclose truly and fully all material facts concerning its income for the assessment year under consideration. 10. Findings of the AO: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in shares and securities) is an income chargeable to tax which has escaped assessment for AY 2013-14 in the case of assessee. 14. The ld. CIT(A) determined the commission paid by the assessee at Rs.1,99,380/- on the loss earned by the assessee of Rs.99,42,838/-. The revenue has not filed any appeal against the order of the ld. CIT(A). 15. Heard the arguments of both the parties and perused the material available on record. 16. The pertinent facts are as under: * The assessee did not claim the losses incurred. * The case has been assessed u/s 153A of the Income Tax Act, 1961. * The Giriraj Stock Broking Pvt. Ltd. who is a stock broker registered with BSE has categorically informed the ACIT that the assessee was never their client. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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