2012 (6) TMI 545

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..... ssee had maintained quantitative details and that the general profit was on the higher side and in remand report also could not justify the lump-sum addition other than making a short statement that addition was justified on books, vouchers, etc. as produced before him - against revenue. Deletion of disallowance of speculation loss by ITAT - Held that:- As the AO did not deny the fact that the ass .....

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..... r the Appellant. ORDER Bhaskar Bhattacharya, Actg. CJ. - This Appeal under Section 260A of the Income Tax Act is at the instance of the Revenue and is directed against the order dated 14th July 2010 passed by the Income Tax Appellate Tribunal, Rajkot Bench, Rajkot in I.T.A. No.519/RJT/2008, by which the Tribunal dismissed the appeal preferred by the Revenue. Being dissatisfied, the Revenue ha .....

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..... first point advanced by the Revenue, we find that during original assessment proceedings the Assessing Officer himself had accepted the position that the assessee had maintained quantitative details and that the general profit was on the higher side. We further find that in remand report also, the Assessing Officer could not justify the lump-sum addition other than making a short statement that a .....

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..... arose on account of dealing in commodities ordinarily dealt in by the assessee in its business. In such circumstances, we find that both the Commissioner of Income Tax (Appeals) and the Tribunal below held that these transactions were of an integrated nature and were entered into to guard against future losses and, therefore, came within the exception to Section 43(5) of the Act. In such circums .....

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..... assessee are reflected. In such circumstances, we find that the Tribunal below rightly affirmed the finding recorded by the Commissioner of Income Tax (Appeals) that the assessee had discharged its burden under Section 68 of the Act as the cash credits were treated to be explained. Thus, we do not find any reason to interfere with such concurrent finding of fact recorded by both the Commissioner .....

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