M/S CALIBRE FROZEN FOODS PVT. LTD.,CHANDIGARH vs. ITO, W-4(3), CHANDIGARH
1
Assessment Year: 2014-15
IN THE INCOME TAX APPELLATE TRIBUNAL
“A” BENCH, CHANDIGARH
PHYSICAL HEARING
BEFORE HON’BLE SHRI RAJPAL YADAV, VICE PRESIDENT
AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM
आयकर अपील सं. / ITA No.521/CHANDI/2019
(िनधाŊरण वषŊ / Assessment Year: 2014-15)
M/s Calibre Frozen Food Pvt. Ltd.
SCO 30, Sector 33-D, Chandigarh
बनाम/ Vs.
ITO-Ward 4(3)
Chandigarh.
̾थायीलेखासं./जीआइआरसं./PAN/GIR No.AABCC-9051-H
(अपीलाथŎ/Appellant)
:
(ŮȑथŎ / Respondent)
अपीलाथŎकीओरसे/ Appellant by : None
ŮȑथŎकीओरसे/Respondent by :
Shri Manav Bansal (CIT) – Ld. DR
सुनवाईकीतारीख/Date of Hearing
:
19-08-2025
घोषणाकीतारीख /Date of Pronouncement
:
19-08-2025
आदेश / O R D E R
Manoj Kumar Aggarwal (Accountant Member)
Aforesaid appeal by assessee for Assessment Year (AY) 2014-15 arises out of an order of learned Commissioner of Income Tax (Appeals)-2, Chandigarh [CIT(A)] dated 12-03-2019 in the matter of an assessment framed by Ld. Assessing Officer [AO] u/s 143(3) of the Act on 12-12-2016. 2. At the time of hearing, none appeared for assessee. The perusal of order sheet entries would reveal that none is appearing for assessee
2
Assessment Year: 2014-15
since past multiple occasions. Left with no option, we proceed with the adjudication of the appeal on the basis of material on record.
3. During assessment proceedings, it transpired that the assessee computed Short Term Capital Loss (STCL) on sale of share of an entity namely M/s Jolly Plastic Ltd. for Rs.325.45 Lacs as detailed in para 3.1
of the assessment order. The shares were purchased during August,
2013 and sold in the month of March, 2014 resulting into huge losses to the assessee. Based on enquiries conducted by Pr. DIT (Inv.),
Kolkata, it was noted that M/s Jolly Plastic Ltd. was a penny stock entity and trading in this security was suspended w.e.f. 06-01-2015
pursuant to the directions of SEBI. Considering the same, the claim of SCTL was denied by Ld. AO to the assessee. The Ld. CIT(A) confirmed the same in the light of various judicial decisions against which the assessee is in further appeal before us.
4. From the facts, it emerges that the losses have been booked out of a penny stock entity which is supported by the investigation report of the department coupled with the fact that the trading in scrip was ultimately been suspended following directions of SEBI. This being so, the orders of lower authorities need not be interfered with. The assessee has not placed on evidence on record to show that the impugned claim was genuine in nature.
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Assessment Year: 2014-15
The appeal stand dismissed.
Order pronounced on 19-08-2025 (RAJPAL YADAV) (MANOJ KUMAR AGGARWAL)
VICE PRESIDENT ACCOUNTANT MEMBER
Dated: 19-08-2025
आदेश की Ůितिलिप अŤेिषत /Copy of the Order forwarded to :
1. अपीलाथŎ/Appellant
2. ŮȑथŎ/Respondent
3. आयकरआयुƅ/CIT
4. िवभागीयŮितिनिध/DR
5. गाडŊफाईल/GF