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TMI Blog2019 (7) TMI 1536X X X X Extracts X X X X X X X X Extracts X X X X ..... and circumstances, associated with the impugned loss claim, it is clear that these transactions have not been properly examined by the Assessing Officer. Since the loss is claimed by the assessees, the onus is on the respective assessee to place all material in support of their contention before the Assessing Officer. However, the Assessing Officer is bound to examine them, if on due examination / investigation, AO finds discrepancy, if any, he should after seeking due clarification from the assessee and on due consideration of them should arrive the conclusion. In these cases, such examination has not been done. Therefore, we deem it fit to remit these issues back to the Assessing Officer for a fresh examination - Appeals of the assessees ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ations by Inventure Growth and Securities at ₹ 8,51,927/- and ₹ 8,84,924/-, respectively and added the same in the respective cases. However, the loss transacted through Inventure Growth and Securities Ltd., for each of the assessee s case was at ₹ 4,94,934/- only. Therefore it was submitted that the following additional ground may be admitted in the respective case:- 1. Without prejudice to the above, the disallowance ought to be restricted to the losses incurred on transactions with Inventure Growth Securities Ltd., i.e., ₹ 4,94,934/-. The AO has wrongly disallowed a loss of ₹ 8,51,927/-. Disallowance should be only for ₹ 4,94,934/-. The Ld.AR submitted that t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Shri Rajendra Kumar Kavar in ITA No.2650/Chny/2018 Sun N Fin Services Ltd. - 12,78,788/- Eden Financial Services - 9,73,747/- Inventure Growth Securities Ltd. - 9,81,340/- Total - 32,33,875/- During the scrutiny assessment, the Assessing Officer disallowed ₹ 8,51,927/- ₹ 8,84,924/-, in the respective cases, as alleged adjustment of profit by way of CCM through M/s. Inventure Growth Securities Ltd., based on the report of the Departmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... opportunity by the lower authorities and they have arrived the decision on merits. 7. We heard the rival submissions and gone through the relevant material. The assessees are traders in Shares, Futures and Options. During the relevant period, they entered into purchase and sale of Futures through M/s. Eden Financial Services, M/s. Inventure Growth Securities Ltd., M/s. Sun N Sun Fin Services Ltd. The assessees placed their instruction to the brokers over phone and the brokers entered the order in the system. Punching errors have been conducted by the brokers at their end with no involvement of the assessee whatsoever. They have furnished the contract notes of the brokers, corresponding bills and the bank statement with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e consideration of them should arrive the conclusion. In these cases, such examination has not been done. Therefore, we deem it fit to remit these issues back to the Assessing Officer for a fresh examination. The respective assessee shall place all materials in support of their contention before the respective Assessing Officer and comply with the requirements of the Assessing Officer in accordance with law. The Assessing Officer is free to conduct appropriate enquiry as deemed fit, however, he shall furnish due opportunity to the assessees on the materials etc., to be used against the assessee and on due consideration of the assessee s clarification / explanation shall pass the order in accordance with law. Thus the corresponding appeals a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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