DCIT, CIRCLE-2, JAIPUR vs. M/S PYRAMID TRADELINKS PVT. LTD., JAIPUR

ITA 512/JPR/2015Status: DisposedITAT Jaipur27 July 2017AY 2011-1225 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the Assessing Officer's disallowance was based on suspicion and general reports without specific evidence against the assessee. The CIT(A) had rightly deleted the addition as there was no cogent material or verifiable evidence of wrongdoing by the assessee.

What were the facts?

The Revenue appealed against the deletion of disallowance of speculative losses amounting to Rs. 6,18,87,338/- booked by the assessee through NMCE. The Assessing Officer considered these losses as bogus and artificially created to reduce speculative profits.

What were the issues?

Whether speculative losses booked through NMCE are to be disallowed without specific evidence of bogus transactions by the assessee, solely based on general market reports?

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Income Tax Appellate Tribunal, JAIPUR BENCHES, JAIPUR

Before: SHRI KUL BHARAT, JM & SHRI VIKRAM SINGH YADAV, AM vk;dj vihy la-@ITA No. 512/JP/15

Hearing: 03/05/2017

PER SHRI VIKRAM SINGH YADAV, A.M.

This is an appeal filed by the Revenue against the order of Ld. CIT(A)-I, Jaipur dated 27.03.2015 for A.Y. 2011-12 wherein the Revenue has taken the sole ground of appeal as under:- “1. Whether on the facts and in the circumstances of the case and in law the ld. CIT(A) has erred in deleting the disallowance of bogus losses booked through NMCE amounting to Rs. 6,18,87,338/-“

2.

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