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TMI Blog2023 (10) TMI 778X X X X Extracts X X X X X X X X Extracts X X X X ..... the said findings of the A.O. Therefore, CIT(A) has committed no error in confirming the addition made by the A.O., accordingly, we find no merits in the Grounds of Appeal of the assessee which are dismissed. - Shri Shamim Yahya, Accountant Member And Shri Yogesh Kumar U.S., Judicial Member For the Appellant : None For the Respondent : Sh. Sandip Kumar Mishra, Sr. DR ORDER PER YOGESH KUMAR U.S., JM: This appeal by Assessee is filed against the order of Learned Commissioner of Income Tax (Appeals)-35, New Delhi [ Ld. CIT(A) , for short], dated 22/06/2018 for Assessment Year 2010-11. 2. Grounds taken in this appeal are as under: 1. The Hon'ble CIT(A) has erred in law and on facts in concurring with t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act completed on 28/03/2013 at total income of Rs. 29,67,75,254/-. Certain piece of information was received from Investigating Wing that the Assessee had received fictitious loss of Rs. 49,09,315/- from Mansukh Securities and Finance Ltd. and therefore, reduced the profit by the same amount. Based on the said information, the assessment was reopened and after recording the reasons for escapement, the reassessment proceedings have been initiated. The order u/s 147 read with Section 143(3) of the Act came to be passed on 29/03/2016 by making addition of Rs. 48,09, 315/- finding that the assessee had taken fictitious loss in order to reduce its profit. Aggrieved by the assessment order dated 29/03/2016, the assessee preferred an appeal before ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r, the amount of Rs. 48,09,315/- is a loss as per your notice u/s 148 whereas the assessee has declared net earnings from Mansukh at Rs. 73,46,240 therefore, proceedings u/s 148 to be dropped and oblige. 6. The above said reply filed by the Assessee found to be not satisfactory by the A.O. and made the additions. The ld. CIT(A) while dismissing the appeal filed by the assessee held as under:- 4.2.3. The appellant company is engaged in the business of manufacturing of auto parts for two wheelers and to some extent of four wheelers and other engineering items its various manufacturing units. The AO has stated in the assessment order that information was received from the Investigation Wing of the Income Tax Department that the appel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... titious loss is found to be correct. The reply of the appellant has been duly considered, however, not found to be satisfactory. It is absolutely dear from the script wise details of the derivative trading that the appellant has taken the fictitious loss in order to reduce its profit. Therefore, the amount of Rs. 48,09,315 has been correctly added back to the income of the appellant by the AO. I find no reason to interfere with the AO's order on this issue. Appeal on this ground is dismissed. With regard to the ground that the AO has wrongly stated that the appellant filed a return in response to notice u/s. 148 at a loss of Rs. 48,09,315/- whereas no return was filed u/s. 148. This ground does not affect the decision taken on the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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