ANIL KUMAR,GURGAON vs. INCOME TAX OFFICER WARD-1(2), GURGAON, GURGAON
Income Tax Appellate Tribunal, DELHI BENCH ‘SMC’, NEW DELHI
Before: Sh. Satbeer Singh Godara
This assessee’s appeal for Assessment Year 2014-15, arises against the CIT(A)/NFAC, Delhi’s DIN & order No.
ITBA/NFAC/S/250/2022-23/1051458946(1) dated 28.03.2023, in proceedings u/s 143(1) of the Income Tax Act, 1961 (in short “the Act”).
Heard both the parties at length. Case file perused.
It transpires at the outset during the course of hearing that both the learned lower authorities have held the assessee have derived short term capital gains from sale of shares in various entities of Rs.10,91,096/-, on the one hand, and further denied set off of his corresponding losses of Rs.12,15,050/- for the precise reason given even in para (xvi) Anil Kumar 2 page 15 of the assessment order dated 26.12.2016 reading as under: “xvi) The assessee has earned an overall gain from MCX, Pro Fin Cap, Sharp Trade and Sundarammul at Rs.10,91,096/- and shown loss of Rs.12,15,050/- from Midland Poly. The resultant gain from four companies and the resultant Loss from Midland Poly is nearly the same amount so that the assessee does not have to pay anything. It appears that these are all appears to be accommodation entries.”
That being the case, it is crystal clear that both the learned lower authorities have more gone by quantum of the impugned claim than having arrived at any specific material thereby holding the set off claim as non-genuine. I accordingly find no merit in the impugned disallowance of the assessee’s set off of loss made by the learned lower authorities which is hereby deleted.
This assessee’s appeal is allowed. Order Pronounced in the Open Court on 02/06/2025. (Satbeer Singh Godara)
Judicial Member
Dated: 02/06/2025
*Subodh Kumar, Sr. PS*