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TMI Blog2021 (10) TMI 913X X X X Extracts X X X X X X X X Extracts X X X X ..... er in absence of any show-cause notice, as alleged, it cannot be said that assessee was devoid of opportunity before the ld. First appellate authority as more than 10 notices of hearing were issued and assessee kept on seeking adjournments. Therefore matter is not at all examined by the lower authorities, before us only assertions are made, evidences were not produced. Therefore, as the full facts have not been examined by the lower authorities, and assessee also might not have proper opportunity before Ld. Ao, order of Ld. CIT (A) is ex parte, we set aside the whole issue back to the file of the ld. CIT (Appeals). Speculative activities - whether Explanation to Section 73 is applicable in the case of the assessee company or not? - AO held that the assessee company is engaged in speculative activities and, therefore, the speculative loss cannot be allowed to be set off against any other income - HELD THAT:- Naturally, the assessee did not appear before the ld. CIT (Appeals) and hence the issue was decided against assessee. For the reason given by us while deciding other grounds of appeal, we also set aside this ground of appeal back to the file of the ld. CIT (Appeals) with di ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and in computation loss of ₹ 60,637/- has been claimed. Consequent to scrutiny assessment the order under Section 143(3) of the Act was passed by the ld. Assessing Officer on 30.11.2011 wherein total income of the assessee was determined at ₹ 1,77,54,763/- and further a speculative loss to be carried forward was determined at ₹ 75,429/-. Against this assessment order assessee preferred appeal before the ld. CIT (Appeals) un-successfully and, therefore, this appeal. 3. As per the grounds of appeal filed before us, the assessee is contesting the above three issues. 4. We have heard the rival contentions and perused the orders of the lower authorities. 5. Ground No. 1 is general in nature. No arguments were advanced and, therefore, the same is dismissed. 6. Ground No. 2 is with respect to the disallowance under Section 14A of the Act of ₹ 5,27,095/-. During the course of assessment proceedings assessee has not made any disallowance under Section 14A of the Act, therefore, the Assessing Officer raised an issue. By letter dated 14.11.2012 assessee offered disallowance of ₹ 15,450/-. Assessing Officer noted that no proper disallowance is made. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 10.2011 is incorrect and no such details were asked. The assessee claims that the addition has been made without any notice to the assessee. On the merits of the case he referred to the transaction statement of the demat account of the assessee with National Security Depository Ltd. of the depository Alankrit Assignments Ltd. He submitted that the shares are received in this demat account through another DPID and further he referred to page No. 62 of the Paper book stating that all these shares have been received from Shri Balaji Traders, A-231, Derawal Nagar, New Delhi, Permanent Account Number ABAFS3304A. He also submitted the statement of loan of shares wherein it is claimed that the shares have been received and returned during the same year. He further referred to the fact that the assessee has already returned the above investment and, therefore, no addition can be made. The ld. AR also submitted the copy of the order-sheet obtained by the assessee under the Right to Information Act and stated that the ld. Assessing Officer has not asked any details about receipt of shares in the demat account, but has interpolated the entries in the order-sheet. 8. The ld. DR submitted th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d, it cannot be said that assessee was devoid of opportunity before the ld. First appellate authority as more than 10 notices of hearing were issued and assessee kept on seeking adjournments. Therefore matter is not at all examined by the lower authorities, before us only assertions are made, evidences were not produced. Therefore, as the full facts have not been examined by the lower authorities, and assessee also might not have proper opportunity before Ld. Ao, order of Ld. CIT (A) is ex parte, we set aside the whole issue back to the file of the ld. CIT (Appeals) with the following direction to the assessee to submit necessary details:- i. The name, address, Permanent Account Number, confirmation, demat account of the securities lender along with the Income Tax Returns as how the lender has dealt with the lending of stock; ii. To show how stock lending has been accounted for in the books of accounts of the assessee and whether any profit or loss incurred on the sale or purchase of shares taken on loan; iii. The nature and genuineness of the transaction as to why anybody will give a loan of more than 18 scrips to an assessee between a span of only three days i.e. 12 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sion mostly the assessee has objected to the assessment proceedings before the learned assessing officer stating that there are some irregularities in the order sheet. The assessee has also submitted the affidavit of the chartered accountant who appeared before the learned assessing officer in assessment proceedings. We have considered the arguments of the assessee and find that even otherwise, the assessee did not raise such issue before the learned CIT - A and further before the learned CIT - A assessee sought adjournments instead of making this points before him. Therefore, it is not relevant so as to decide the issue. Even otherwise assessee stating that assessee did not get proper opportunity of hearing before the assessing officer. This grievance is as such interest by the us in our order. 15. The next grievance of the assessee is about the addition of shares taken on loan by the assessee from another person. In the present submission at page number 6 assessee has submitted the confirmation of Shri Balaji traders from womb assessee has received shares on loan. Assessee has also got submitted the transaction statement of one Shri Praveen Kumar and Rukmini Devi who are state ..... X X X X Extracts X X X X X X X X Extracts X X X X
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