9911796707
TMI Blog2021 (12) TMI 1086X X X X Extracts X X X X X X X X Extracts X X X X ..... e ITAT'). Brief facts of the case are that the assessee filed income tax returns for the assessment year 2012-13 on 14.9.2012 disclosing a total income of Rs. 79,98,920/-. The return was processed under Section 143(1) of the Income Tax Act, 1961 (for short 'the Act of 1961') accepting the income disclosed. Later on, a notice under Section 148 of the Act of 1961 was issued on 16.3.2016. In response to the said notice, the assessee filed written submissions stating therein that the original return filed by it may be treated as the return filed in compliance of the said notice. The Assessing Officer has completed the assessment on 29.12.2016 by making addition to the income disclosed by the assessee and determining the total income of the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... objectivity and in correct perspective. It is urged that the findings recorded by both the appellate authorities ex facie contrary to the facts and law. It is further argued that the AO has rightly made addition of Rs. 2,43,59,629/- while treating it as bogus business transactions with M/s Swift Tie Up Pvt. Ltd. It is also urged that the addition made by the Assessing Officer under Section 68 of the Act of 1961 on account of unexplained cash received of Rs. 75,00,000/- from M/s Swift Tie Up Pvt. Ltd. by the assessee has wrongly been deleted by the appellate authorities, though from the order of the Assessing Officer, it is clear that the said amount has been received by the assessee through various layers of bank accounts of non-operational ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y adverse evidence on record, simply on assumptions and presumptions, has held that the transactions of the assessee with M/s Swift Tie Up Pvt. Ltd. are bogus. The ITAT has also observed that the determination of income of Rs. 2,43,59,629/- made by the Assessing Officer is hypothetical and there is no basis for the said determination. The ITAT has held that the Assessing Officer has erred in not allowing the loss of Rs. 11,75,857/- to the assessee as of NCDEX/MCX loss. It was held that the CIT(A) has rightly allowed the said loss to the assessee in the facts and circumstances of the case. The ITAT has further observed that the CIT(A) has rightly deleted the addition of Rs. 75,00,000/- to the assessee made under Section 68 of the ACT of 1961 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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