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TMI Blog2021 (1) TMI 278X X X X Extracts X X X X X X X X Extracts X X X X ..... Return where the concrete information about the trading by the assessee on commodities/shares were available with a particular broker for which assessee has not disclosed any profit/loss - the information available with the assessing officer cannot be found to be vague as there was concrete information with every rupee was found to be correct about the turnover and the name of the broker. It is not the case of the assessee that she denies carrying on any transaction. AO also applied his mind to verify the above information from the ITD however, except the permanent account number of the assessee, no other information was available. Therefore, there was a proper application of mind by the AO. In view of this, we do not find any infirmity ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... DR ORDER PER PRASHANT MAHARISHI, A. M. 1. This appeal is filed by Smt Ruchi Mahajan, assessee/ appellant against the order of The Commissioner Of Income Tax (Appeals) 15, New Delhi dated 2 July 2019 wherein the appeal filed by the assessee against the order of The Income Tax Officer, Ward 44 (1), New Delhi passed u/s 143 (3) read with Section 147 of The Income Tax Act dated 17/12/2018 was dismissed. Assessee aggrieved , therefore, this appeal. 2. The assessee has raised the following grounds of appeal:- 1. That Ld. CIT (A)-15 Delhi grossly erred in law and on facts in upholding the validity of proceedings initiated under section 147/148 by the Id. lTO without there being any tangible material before him at the time ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lable on ITD AST system only the PAN and the PAN Address is available, the assessee has not filed his return of income. Hence, except the PAN no other information is available. . . It has been noted that no ITR has been filed by the assessee with regard to assessment year 2011 12. Since the assessee has not furnished return of income for assessment year 2011 12, income from share/ commodities transaction has escaped assessment. However in absence of any denial, the profit of the total transactions amounting to ₹ 121,684,248/ is assumed that the rate of 2% which comes to ₹ 2,433,685/ . Accordingly I am satisfied that the income of ₹ 2 433685/ has escaped assessment because of failure on part of the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . broker, is stated to be closed. In view of this further show cause notice was issued by the AO and there was no response from the assessee thereafter. Therefore the learned assessing officer adopted the profit rate of 1% of the total transaction in commodity in shares at ₹ 1,216,842/ and the income was assessed u/s 143 (3) read with Section 147 of the act by the order dated 17/12/2018 at ₹ 1,226,835/- against the returned income of ₹ 9993/ . The assessee aggrieved with that order preferred an appeal before the learned CIT A. Before the learned CIT A assessee submitted that the only the difference of the total transaction is to be taken as the turnover and not the full value of the contract. The learned CIT A noted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as a tangible material available with the assessing officer in the form of annual information return. The concrete details were available about the broker through Womb the assessee has made the transaction. AO has further noted that Assessee has not filed any voluntary return of income u/s 139 (1) of the act. Therefore we find that the learned assessing officer was having a tangible material in the nature of Annual Information Return where the concrete information about the trading by the assessee on commodities/shares were available with a particular broker for which assessee has not disclosed any profit/loss. Further the information available with the assessing officer cannot be found to be vague as there was concrete information with eve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed in the above transaction. As before us assessee has submitted a complete statement, where the time and date stamp of the exchange as well as the nature of transactions are shown, where from assessee has derived of loss of ₹ 5 055/ on the above transaction. However, even before us no bills of the brokers or the statement from the exchange was submitted. Even the 1% profit determined by the learned AO on trading of gold was also without any basis. The confirmation of the above addition by the learned CIT A was also not based on any material. In view of this, in the interest of justice, we set-aside the whole issue of determination of profit on the transaction of ₹ 121,684,248 made by the assessee in trading of gold is requir ..... X X X X Extracts X X X X X X X X Extracts X X X X
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