9911796707
TMI Blog2023 (8) TMI 381X X X X Extracts X X X X X X X X Extracts X X X X ..... fit to remit the matter to the file of the AO for fresh consideration in the light of additional evidence. Needless to say that the assessee may be reasonable opportunity of being heard by the AO before making fresh assessment as per law. The assessee is directed to produce all the relevant documents to substantiate its claim and avoid seeking unnecessary adjournment for early disposal of the case. The issue being common on identical facts, both the appeals are remitted to the file of Assessing Officer in the above terms. Appeals allowed for statistical purposes. - Shri George George K., Vice President And Shri Laxmi Prasad Sahu, Accountant Member For the Appellant : Shri V. Srinivasan, Advocate For the Respondent : Shri V ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... elating to loss of share certificates, unclaimed dividend, converting physical shares into DEMAT etc. Similar business activities appears to have been carried out by assessee's spouse Mr.Ajith Jude Lobo. The assessee also stated that the dealing in tracing is a confidential business which involves finding out unclaimed old shares, getting the legal heir certificate approved by the High Court, necessary permissions from ROC and other authorities, etc. For the above services, assessee claims to be getting a portion of the shares obtained on transfer to the clients, as commission. After obtaining transfer of shares for the clients, the assessee's DEMAT account will be credited OFFLINE by certain number of shares, as per the agreemen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... activity and made investments in the earlier years and no return of income was filed earlier. The assessee admitted there was taxable income for AY 2014-15 and filed manual return declaring income of Rs. 33,16,380. The AO observed from the details that assessee is engaged in business of trading of shares, F O and trading of currency and declared 8% of the turnover on presumptive basis. Income on account of trading amounting to Rs. 33,43,521 for AY 2014- 15 was also declared. He noted that the turnover or gross receipt in respect of derivatives and F O is to be determined as per guidance note issued by ICAI para 5.11. The AO observed that the assessee ought to have deducted tax on the commission paid in cash and kind during the relevant AY ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rtificate of Motee Framroze Vakeel Framroze Dinshaw Vakeel. 9. The ld. AR submitted that the additional evidence will have impact on the additions made by the AO as non-genuine expenditure and requested for admission of the same. He further argued extensively on merits and submitted that the expenditure was incurred through banking channels and details were also furnished before the AO regarding name and address of the parties concerned. 10. On the other hand, the ld. DR relied on the orders of lower authorities and submitted that they have rightly observed that the assessee was unable to prove the genuineness of the expenditure incurred and not complied with the provisions of section 194H. Therefore the orders of lower authorities sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o substantiate its claim and avoid seeking unnecessary adjournment for early disposal of the case. The issue being common on identical facts, both the appeals are remitted to the file of Assessing Officer in the above terms. Thus, ground Nos. 2 to 4 for AY 2014-15 and ground No.2 for AY 2016-17 are disposed accordingly. 12. Ground No. 5 for AY 2015-16 and ground No.3 for AY 2016-17 were not pressed and dismissed accordingly. The other grounds in these appeals are general / consequential in nature requiring no adjudication. 13. In the result, both the appeals are allowed for statistical purposes. The common order passed shall be kept in the respective case files. Pronounced in the open court on this 04th day of August, 2023. - ..... X X X X Extracts X X X X X X X X Extracts X X X X
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