9911796707
TMI Blog2023 (11) TMI 647X X X X Extracts X X X X X X X X Extracts X X X X ..... . 2. That the Ld. CIT(A) erred in law and in the facts of the case in confirming the order of the AO in not granting opportunity of cross examination of persons as demanded by the appellant." 3. The assessee company is engaged in the business of trading in shares and securities. Return of income for the Assessment Year 2014-15 was filed on 30.09.2014 declaring total income at Rs. 5,08,113/-. The return of income was processed under Section 143(1) of the Income Tax Act, 1961. The case was selected for scrutiny under CASS and statutory notice under Section 143(2) of the Act was issued on 28.08.2015 which was duly served upon the assessee. Notice under Section 142(1) of the Act dated 16.08.2016 alongwith questionnaire was issued to the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ribes the various unusual movements in price and volume of scrips wherein the assessee dealt with. The Assessing Officer has also given his remarks regarding statement wherein admission of share brokers was recorded and offered his observation. The Assessing Officer, therefore, concluded that the transaction of purchase and sale of shares of Comfort Fincap Limited, Radford Global Limited, SMIL, Turbo Tech Engineering Limited and Dhenu Buildcon Infra Limited were sham transactions and the amount of Rs. 1,53,890/- claimed as loss on trading in these shares were treated as bogus and the same was disallowed. 5. Being aggrieved by the Assessment Order, the assessee filed appeal before the CIT(A). The CIT(A) dismissed the appeal of the assessee. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ried out and discharged the onus to prove the actual loss incurred and, therefore, these evidence are to be taken into account by the Assessing Officer and merely observing that the statements are general in nature cannot suffice the Revenue's case. The admission mentioned in paragraph no.4.8 of the Assessment Order has nothing to do with the transaction of the assessee as nowhere the said persons have any connection with the assessee regarding transactions carried out and nowhere there is any mention of assessee having been the beneficiary of any such loss. The Ld. AR further submitted that the disallowance of loss was merely on irrelevant ground and without taking into account copies of the Ledger Account, invoices and account of recognis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the assessee through ASE Capital Markets Limited has purchased and sold the shares. The same is related to scrips of Comfincap, Radford Global Limited, SIMIL, Turbo Tech Engineering Limited and Dhenu Buildcon Infra Limited. The documents such as contract notes, investor's report and client-wise sauda summary were before the Assessing Officer but the Assessing Officer has not taken cognisance of these documents thereby stating that the assessee was directly involved in sham and bogus transactions of entry providers. Though the Assessing Officer has given the chart of fluctuation as well as increase of the data during the said period, the same cannot be the sufficient reason for disallowing the business loss of the assessee. Thus, the As ..... X X X X Extracts X X X X X X X X Extracts X X X X
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