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TMI Blog2022 (9) TMI 235X X X X Extracts X X X X X X X X Extracts X X X X ..... efore the City Civil Court, Bangalore, has been transferred to the Commercial Court Bengaluru and renumbered - The dispute between the assessee and Religare Securities Ltd. are still pending for adjudication before the Court of Law. Therefore, in the interest of justice we inclined to remit the issue to the file of A.O. to decide the same on the basis of the final outcome of the pending dispute before the Commercial Court at Bengaluru. Accordingly, the Ground No. 1 of the Revenue is allowed for statistical purpose. Addition made u/s. 41(1) on account of cessation of liability from three creditors - HELD THAT:- On the ground that creditors were lying static for more than three years and that resulted in cessation of liability. It is adm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... SHRI N. K. BILLAIYA , ACCOUNTANT MEMBER And SHRI YOGESH KUMAR U. S. , JUDICIAL MEMBER For the Appellant : Amit Shukla , Sr. D. R. For the Respondents : Sanjeev Kapoor , C. A. ORDER Per Yogesh Kumar U. S. , JM This appeal is filed by the Revenue for assessment year 2013-14 against the order of the Ld. Commissioner of Income Tax (Appeals)-9, New Delhi, [ hereinafter referred to CIT ( Appeals ) ] , dated 15.11.2018. 2. The Revenue has raised the following substantive grounds of appeal:- 1. On the facts and circumstances of the case the Ld. CIT(A) erred in deleting the loss from share market and commodity market amounting to Rs. 4,84,06,022/- without appreciating the detailed reasons given by the AO and without app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee has duly participated in the assessment proceedings. 4. The assessment order came to be passed on 29/01/2016 by making an addition of Rs. 4,84,06,022/- by disallowing loss of Rs. 4,48,24,908/- on account of derivate trading and religare and loss of Rs. 35,81,120/- on account of currency derivative trading. Further, made addition of Rs. 1,17,18,396/- by treating three creditors as profit chargeable to the tax by invoking provision of Section 40(1) of the Act and also made addition of Rs. 3,30,47,364/- by treating as revenue of the assessee. 5. As Against the assessment order, the assessee has preferred the Appeal before CIT(A). The Ld. CIT(A) partly allowed the Appeal by deleting the loss from share market and commodity market ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the records it is found that the assessee herein has suffered an arbitration award dated 06/05/2015, which has been challenged by the assessee before the City Civil Court, Bangalore, in AS No. 133/2015 which has been transferred to the Commercial Court Bengaluru and renumbered as COM. AS 133/2015. The dispute between the assessee and Religare Securities Ltd. are still pending for adjudication before the Court of Law. Therefore, in the interest of justice we inclined to remit the issue to the file of A.O. to decide the same on the basis of the final outcome of the pending dispute before the Commercial Court at Bengaluru. Accordingly, the Ground No. 1 of the Revenue is allowed for statistical purpose. 11. Ground No. 2 of the Revenue is in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - 7.2. I have carefully considered the facts of the case and submissions of the appellant. The undisputed fact emerging from the impugned order as well as submission of the appellant is that the appellant has filed the Service Tax Return declaring taxable services of Rs. 33,047,364/- based on the recognition of taxable services as laid down under the Service Tax Act. The appellant has duly filed a reconciliation of receipts as per the Service Tax return and recognition of those receipts in his books of accounts. From the stated reconciliation filed by the appellant it is evident that the Maintenance Repair and Other Taxable Services aggregating to Rs. 1,28,16,229/- is duly recognized in the books of account of the appellant. Out of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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