Kamal Kumar Agarwal, Kolkata V. ITO,Ward-37(3), Kolkata, Kolkata

ITA 1007/KOL/2012

• Counselvise Citation: [2014] 140 COUNSELVISE.COM (IT) 78317 (ITAT-KOLKATA)
• Duration Of Justice: 1 year(s) 10 month(s) 8 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 06-05-2014
• Appeal Filed By: Assessee
• Bench Allotted: A
• Assessment Year: 2008-2009
• Appeal Filed On: 28-06-2012
• Court: TRIBUNAL
• Department Lawyers: SNEHANGSHU BISWAS
• Assessee Lawyers: R DHAR
• Section: 143(3)

Judgement Text

, A , IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH: KOL KATA () BEFORE , /AND , ! ) [BEFORE SHRI MAHAVIR SINGH, JM & SHRI SHAMIM YAHYA, AM] ' / I.T.A NO.1007/KOL/2012 #$ %&/ ASSESSMENT YEAR: 2008-09 KAMAL KUMAR AGARWAL VS. INCOME-TAX OFFICER, WD- 37(3), KOLKATA. (PAN: ACZPA4359D) (() /APPELLANT ) (*+()/ RESPONDENT ) DATE OF HEARING: 06.05.2014 DATE OF PRONOUNCEMENT: 06.05.2014 FOR THE APPELLANT: SHRI R. DHAR, ADVOCATE FOR THE RESPONDENT: SHRI SNEHANGSHU BISWAS, JCIT , SR. DR / ORDER PER SHRI MAHAVIR SINGH, JM : THIS APPEAL BY ASSESSEE IS ARISING OUT OF ORDER OF CIT(A)-XXIV, KOLKATA IN APPEAL NO. 837/CIT(A)-XXIV/37(3)/10-11 DATED 29.03.2012. ASSE SSMENT WAS FRAMED BY ITO, WARD- 37(3), KOLKATA U/S. 143(3) OF THE INCOME-TAX ACT, 1 961 (HEREINAFTER REFERRED TO AS THE ACT) FOR ASSESSMENT YEAR 2008-09 VIDE HIS ORDER DATED 31.12. 2010. 2. THE ONLY ISSUE IN THIS APPEAL OF ASSESSEE IS AGA INST THE ORDER OF CIT(A) IN CONFIRMING THE ADDITION MADE BY AO ON ACCOUNT OF RECEIPTS FROM ASHIKA STOCK BROKING LTD. AT RS.8,80,202/- AS AGAINST THE CLAIM OF LOSS BY THE A SSESSEE AT RS.3,63,543/-. FOR THIS, ASSESSEE HAS RAISED FOLLOWING TWO ISSUES: 1. FOR THAT LD. CIT(A) WAS NOT JUSTIFIED TO CONFIR M DISALLOWANCE OF RS.3,63,543/- ON ACCOUNT OF LOSS IN SHARE DEALINGS. 2. FOR THAT LD. CIT(A) SHOULD HAVE ALSO, ON THE FAC TS & CIRCUMSTANCES OF THE CASE DELETED RS.8,80,202/- ARBITRARILY TREATED BY LD. INCOME TAX OFFICER AS ASSESSEES INCOME DURING THE FINANCIAL YEAR. 4 . AT THE OUTSET, THE LD. COUNSEL FOR THE ASSESSEE DRE W OUR ATTENTION TO THE ASSESSMENT ORDER AND THE ORDER OF CIT(A). HE PARTICULARLY DREW OUR ATTENTION TO PARA 5 OF THE ASSESSMENT, WHICH READS AS UNDER: 2 ITA NOS. 1007/K/2012 KAMAL KUMAR AGARWAL. AY 2008-09 5. ASSESSEE SUFFERED LOSS FROM FUTURE & OPTIONS FR OM SHARE OF RS.3,63,543/- AND HE HAD CARRIED FORWARD THE LOSS AGAINST OTHER INCOME TREAT ING AS BUSINESS LOSS BUT CONTRACT NOTE SUBMITTED BY THE ASSESSEE SOMEWHERE THERE IS NO SET TLEMENT NUMBER AND SOMEWHERE NO STT DEDUCTED. EVEN IN CONTRACT NOTE NO SUBMITTED B Y THE ASSESSEE IN PHOTOCOPY 5 IN NUMBERS, THERE IS NO SETTLEMENT NO. FOR FUTURE & OP TIONS AN ENTIRE AMOUNT OF RECEIPT I.E. RS.8,80,202/- IS BEING TREATED AS ASSESSEES INCOME DURING THE FINANCIAL YEAR. THEREFORE, ENTIRE RECEIPT FROM ASHIKA STOCK BROKING OF RS.8,80 ,202/- IS BEING DISALLOWED FOR CARRIED FORWARD AND SET OFF APART FROM ASSESSEES SUBMITTED RETURN BELATED. FURTHER, HE DREW OUR ATTENTION TO THE CIT(A)S DECI SION IN PARA 6.3 AS UNDER: 6.3. I HAVE CAREFULLY CONSIDERED THE SUBMISSION OF THE LD. A/R. I FIND THAT THERE IS NO MERIT IN HIS SUBMISSION. HE HAS FAILED TO PROPERLY EXPLAIN THE ISSUE WITH NECESSARY EVIDENCE. IN VIEW OF IT, THE DISALLOWANCE OF RS.3, 63,543/- ON ACCOUNT OF LOSS IN SHARE DEALING IS CONFIRMED. THIS GROUND OF APPEAL IS DIS MISSED. 5. IN VIEW OF THE ABOVE, THE LD. COUNSEL FOR THE AS SESSEE STATED THAT THE COMPLETE STATEMENT OF PURCHASES AND SALES WITH ASHIKA STOCK BROKING LT D. WAS FILED BEFORE THE AO, BEFORE CIT(A) AND NOW BEFORE THE BENCH. HE DREW OUR ATTENTION TO THE ENTIRE PURCHASE AND SALE WITH ASHIKA STOCK BROKING LTD. WHEREIN THE AO HAS CONSIDERED TH E ENTIRE AMOUNT OF RECEIPT OF RS.8,80,202/- PERTAINING TO LAST FOUR TRANSACTIONS AS PROFITS AND NOT CONSIDERED THE EARLIER TRANSACTIONS. LD. COUNSEL FOR THE ASSESSEE STATED THAT IN ENTIRETY THE ASSESSEE HAS INCURRED LOSS AMOUNTING TO RS.3,63,543/- OUT OF THESE TRANSACTION S AND AO WITHOUT ANY BASIS HAS MADE ADDITION. WE ARE IN AGREEMENT WITH THE ARGUMENT OF LD. COUNSEL FOR THE ASSESSEE THAT THE PURCHASE AND SALE POSITION IN ENTIRETY SHOULD BE CO NSIDERED AND THEN WHETHER PROFIT OR LOSS IS TO BE CONSIDERED FOR THE PURPOSE OF COMPUTATION OF INC OME. ON THIS, LD. SR. DR FAIRLY CONCEDED THAT LET THE ISSUE BE EXAMINED AFRESH BY THE AO IN ENTIRETY. AS THE LD. SR. DR CONCEDED THE POSITION, WE FEEL THAT LET THIS ISSUE ONLY BE EXAMI NED BY AO AFRESH AND NOT THE ENTIRE ASSESSMENT. THE AO WILL CONSIDER THE EVIDENCE TO B E PRODUCED BY THE ASSESSEE AND WILL DECIDE THE ISSUE AFRESH. IN TERMS OF THE ABOVE, THE APPEA L OF ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. 6. IN THE RESULT, APPEAL OF ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. 7. ORDER IS PRONOUNCED IN THE OPEN COURT. SD/- SD/- , ! , (SHAMIM YAHYA ) (MAHAVIR SINGH) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED : 6 TH MAY, 2014 -. #/0 1 JD.(SR.P.S.) 3 ITA NOS. 1007/K/2012 KAMAL KUMAR AGARWAL. AY 2008-09 2 *3 4 3%5- COPY OF THE ORDER FORWARDED TO: 1 . () / APPELLANT SHRI KAMAL KUMAR AGARWAL, C/O, UMA IRON & STEEL CO. 17, BRABOURNE ROAD, KOLKATA-700 001. 2 *+() / RESPONDENT ITO, WARD-37(3), KOLKATA. 3 . # ( )/ THE CIT(A), KOLKATA 4. 5. # / CIT KOLKATA 3:; *# / DR, KOLKATA BENCHES, KOLKATA +3 */ TRUE COPY, #