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TMI Blog2016 (11) TMI 713X X X X Extracts X X X X X X X X Extracts X X X X ..... ccommodation entries. Further, Ludhiana Commodities Trading Services Limited in reply dated April 8, 2013 to the query dated April 3, 2013 by the Commissioner of Income-tax (Appeals) intimated that M/s. SMS and Company Prop. Shri Sham Sunder Khanna was not registered as a client with M/s. Anand Commodities Services Limited in the year 2015-16. The assessee-appellant was prima facie required to prove the validity of the transaction. The assessee having failed to do so, no right accrues in his favour on account of non- summoning of the witness under section 131 of the Act by the Assessing Officer. - I. T. A. No. 448 of 2015 (O&M) - - - Dated:- 24-2-2016 - Ajay Kumar Mittal And Raj Rahul Garg, JJ. For the Appellant : Rajiv Sharma and G ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arma [2011] 333 ITR 229 (P H) ; 28 DTR 118 (P H) ? B. Whether under the facts and circumstances of the case, the Income-tax Appellate Tribunal and the authorities below are justified in confirming disallowance of commodity loss on the ground that the appellant has not produced any evidence ignoring the account books, complete correspondence with M/s. Anand Commodity Services Pvt. Limited a registered broker in the shape of ledger account, contract details, difference in bills, commodity wise, date wise and amount wise (annexure A.7) and the payments by the appellant and the transactions being through banking channels (annexure A.8) which is perverse findings of fact against sufficient evidences/material produced and on record therein ? ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er, vide order dated December 4, 2008, annexure A.1. Against the said order, the appellant filed appeal before the Commissioner of Income-tax (Appeals) (CIT(A)) which was partly allowed vide order dated February 26, 2009, annexure A.2 holding that the addition could be made if there was positive evidence to show that such an entry was an ingenuine entry and that the same was on account of some ingenuine loss and it was adjustment entry to reduce the profit of business of the appellant. The Revenue filed an appeal against the order dated February 26, 2009, annexure A.2. Vide order dated June 26, 2009, annexure A.3, the Tribunal remanded the issue to the Assessing Officer. During the remand proceedings, contract notes and difference bills whi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6, 2015, annexure A. 6 upholding the addition of ₹ 4,20,824. Hence, the instant appeal by the appellant-assessee. 3. We have heard learned counsel for the appellant-assessee and do not find any weight in the contentions raised by him. 4. Learned counsel for the appellant-assessee submitted that the Assessing Officer had failed to summon the authorised representatives of M/s. Anand Commodities Trading Services to prove the genuineness of the transactions undertaken by the appellant and therefore, the findings against the appellant are vitiated. Reliance was placed on the judgment of this court in I.T.A. No. 685 of 2008 decided on February 17, 2009 (CIT v. Brij Pal Sharma reported in [2011] 333 ITR 229 (P H)). 5. From the perus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee to produce the requisite material and evidence to prove the genuineness of the loss in question. The assessee failed to produce any material. Thus, the authorities were justified in maintaining the addition of ₹ 4,20,824. The relevant findings recorded by the Tribunal read thus : 11. As regards the loss of commodity is concerned, the enquiries from Ludhiana stock exchange revealed that claim of loss on account of commodity transaction was not a genuine claim. The assessee merely produced copy of notes from M/s. Anand Commodity Ser vices, would not prove that the assessee suffered genuine loss. The evidences collected from Ludhiana stock exchange and confronted to the assessee clearly proved that the commodity transac ..... X X X X Extracts X X X X X X X X Extracts X X X X
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