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TMI Blog2017 (12) TMI 1402X X X X Extracts X X X X X X X X Extracts X X X X ..... eculation loss’ and it could be set off only against ‘speculation income’. Therefore, the CIT(A) has rightly denied the benefit of set off to the assessee. The final plea of the Ld. A/R that the matter may be restored to the file of the AO also cannot be accepted for the reasons that the assessee has been provided sufficient opportunity before the authorities below to produce necessary documents in support of her claim. Any remand of the issue to the file of the AO as this stage shall be against the basic tenants of law. Assessee appeal dismissed. - ITA No. 909/JP/2016 - - - Dated:- 8-12-2017 - SHRI VIJAY PAL RAO, JM AND SHRI BHAGCHAND, AM For The Assessee : Shri Subhash Porwal (CA) For The Revenue : Smt. Neena Jaif (JCIT) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the assessee s main source of income is commission and brokerage and interest income. It is also claimed that the assessee was sub-broker of MCDX/NCDX in the name of M/s Pankaj Traders as prop. It was also claimed that the main broker was M/s Sishodiya Future, Ajmer. She has also claimed that assessee was taking reasonable margins from its customers in cash and used to allow these clients to book the transaction for operation. In case of loss/profit on such operations, the loss/ profit were debited/credited to the account of said person against margins which are settled in cash. It is also claimed that the maximum parties have suffered loss and assessee was working only a sub-brokers. The relevant document has been torned off due to los ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any such receipts. It is also pertinent to note that no bills/documents from M/s Shishodiya Futures the main broker were produced. She has simply stated that she has torned off the documents due to loss. Thus, there is nothing on record which could substantiate the claim of assessee that she was doing sub-brokers and the case deposited in bank pertain to the clients. The Ld. CIT(A) has decided this issue by observing as under:- 4.3 I have gone through the assessment order, statement of facts, grounds of appeal, written submission, remand report and rejoinder carefully. It is seen that either during the course of assessment proceedings or remand proceedings, the appellant has not been able to substantiate with documentary evidence, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 55,69,580/- incurred by the appellant on speculative commodity transactions carried out trough NCDX and MCX is admissible to the appellant against the income of ₹ 56,30,000/-. Either during the course of assessment proceedings and appellate proceedings, the assessee has not been able to produce any documentary evidence to show that the transactions carried out in the ID and account of the appellant through NCDX and MCX were carried out by her on behalf of some other persons. From the statement of transaction provided by M/s Sisodiya Futures, Ajmer and the statement of Smt. Sushila Sisodia, partner of M/s Sisodiya Futures recorded u/s 131 by the AO on 13.03.2015, it is clear that all the transactions were carried out by the appel ..... X X X X Extracts X X X X X X X X Extracts X X X X
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