9911796707
TMI Blog2024 (3) TMI 170X X X X Extracts X X X X X X X X Extracts X X X X ..... e of assessment order has given all the details including total turnover which was summarised and put together and give the profit quantification of the total turnover as per Section 44AD of the Act and, therefore, invocation of Section 263 of the Act in the present case is not justifiable when the assessee has given all the details. The Assessment Order is not at all erroneous or prejudicial to the interest of Revenue and, therefore, the order passed under Section 263 of the Act is not justified - Decided in favour of assessee. - Ms. Suchitra Kamble, Judicial Member And Shri Waseem Ahmed, Accountant Member For the Assessee : Shri Hardik Vora, AR For the Revenue : Shri Ajay Pratap Singh, CIT(DR) ORDER PER SUCHITRA KAMBLE, JUDICIAL MEMBER: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... submitted during the course of revision proceedings under Section 263 of the Act. He set aside the order passed by the Assessing Officer and directed to pass a fresh assessment order by invoking provision of Section 263 of the Act. 3. The assessee filed his return of income for assessment year 2015-16 on 07.09.2015 declaring total income at Rs. 9,36,220/-. The case was selected for limited scrutiny through CASS with the reasons being (a) large value sale of futures (derivative) in a recognised stock exchange and (b) large commodity exchange transactions. The assessment was completed under Section 143(3) of the Income Tax Act, 1961 vide order dated 22.09.2017 accepting the returned income as such. The PCIT observed that the assessee during t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 44AD of the Act and why the assessee has shown higher turnover which is permissible under the Income Tax statute. The Ld. AR further submitted that the assessee has also given the details related to the transactions of derivative and commodity transactions with MCX, NSE cash and NaSE (F O) and income derived from the same in consonance with the return of income filed by the assessee. The assessee has given detailed bifurcation of the chart wise performance report (MCFH) as well as Investor Report Series-wise, Investor Report F O series as well as Investor Report Scrip-wise Summary for the relevant period. The total turnover calculated comes to Rs. 13,11,729.89. After calculating the summaries given by the assessee, these documents were be ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
