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TMI Blog2024 (12) TMI 560X X X X Extracts X X X X X X X X Extracts X X X X ..... l Faceless Assessment Centre, Delhi (for brevity, 'Ld.AO') passed under section 147 read with section 144B of the Act, date of order 20/09/2021. 2. The assessee has taken the following grounds:- "Being aggrieved by the order dated 01.06.2024 passed by the Ld. Commissioner of Income Tax (Appeals), Income Tax Department, National Faceless Appeal Centre, Delhi ["Ld. CIT(A)"] u/s. 250 of the Income-tax Act, 1961 ("Act"), your appellant prefers this appeal, among others, on the following grounds of appeal, each of which is without prejudice to, and independent of, the other: 1. On the facts and in the circumstances of the case, and in law, the Ld. CIT(A) erred in upholding legal validity of the reassessment proceedings u/s. 147 of the Act. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ances of the case, and in law, tr. assessment order u/s. 147 read with Section 144B of the Income-tax Act dated 20.09.2021, passed by the Faceless Assessing Officer ('FAO') of National Faceless Assessment Centre, is bad in law for lack of jurisdiction u/s 144B(1) for passing assessment order u/s. 147 prior to 29.03.202 when notification u/s. 151A was issued by the Central Government. The appellant, therefore, prays that the impugned assessment order be quashed." 3. The brief facts of the case are that during the impugned assessment year the assessee engaged in stock exchange transactions related to stock options and incurred a loss of Rs. 1,10,53,250/-. The Ld. AO disallowed this loss, treating the transaction as non-genuine, and m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the appellant by way of statement of facts. No new facts have been brought by the appellant during the course of appellate proceedings. He reiterated the facts narrated before the A.O. during the course of assessment proceedings. It is seen from the earlier submissions of the appellant before the AO that he is not a registered broker in derivatives segment of Bombay Stock exchange and hence, carried out F & O transactions on BSE through another registered broker, Odyssey Securities P Ltd. In the appellate proceedings, burden of proof lies on the assessee to prove that facts and findings of the AO are incorrect. It is the duty of the assessee to prove or rebut with cogent evidence against such facts and findings of the Assessing officer. Mer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e in the traded price. The assessee was deliberately making repeated losses through their reversal trades in stock options which does not make any economic sense and the object of such intended execution of these transactions are of suspicious and non-genuine in nature. There is no reasonable and rational investor will keep making repeated losses and still continue its trading endeavours." In the argument, the Ld.AR placed the detailed documents related to incurring of loss in the stock exchange which is claimed to be genuine in nature. The relevant documents are duly placed before the revenue authorities which is also submitted before the Bench. The respective documents are as follows:- Sr.No. Particulars APB Page Nos. 1 Copy of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an opinion and did not bring any comparative transactions on record to substantiate the claim in relation to the assessee's transactions. The Ld. AO's conclusion appears to be based solely on conjecture, without any corroborative evidence. The transactions in question were conducted through the stock exchange, as evidenced by the contract notes dated 12/03/2021 and 30/03/2021, which were duly submitted. The entire transaction was carried out on the Bombay Stock Exchange (BSE). Additionally, the ledger account of 'Odyssey Broker' for the financial year 2014-15 was also provided. Despite this, the revenue authorities neither rebutted nor challenged the authenticity of the submitted documents. Furthermore, we observe that no inde ..... X X X X Extracts X X X X X X X X Extracts X X X X
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