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Income Tax Appellate Tribunal, “SMC” BENCH KOLKATA
Before: Sri S. S. Godara]
[Before Sri S. S. Godara, Judicial Member] आयकर अपीलसं./ ("नधा"रण वष" / Assessment Year: 2014-15) NKP Steel Trading Pvt. Ltd. Vs. ITO, Ward-9(4), Kolkata. 4, Briju Dulal Street, Kol-7. "थायीलेखासं./जीआइआरसं./PAN/GIR No.: AACCN5315J (Appellant) .. (Respondent) Appellant by : None Respondent by : Smt. Ranu Biswas, Addl. CIT सुनवाई क" तार"ख/ Date of Hearing : 29/01/2020 घोषणा क" तार"ख/Date of Pronouncement : 21/02/2020 आदेश / O R D E R Per Shri S. S. Godara: This assessee’s appeal for assessment year 2014-15 arises against the Commissioner of Income Tax (A) - 3, Kolkata order dated 28.05.2019 passed in case No.CIT(A)-3,Kolkata/10953/16-17/Kol involving proceedings u/s 143(3) of the Income Tax Act, 1961 (in short ‘the Act’). Case called twice. None appears at assessee’s behest. Case file suggests that RPAD notice dated 21.11.2019 addressed to the stands returned back unserved. I therefore proceed ex parte against the assessee.
I have heard Ms. Ranu Biswas, learned Addl. CIT-DR and persued the case file. I find with her able assistance that both the learned lower authorities have treated the assessee’s trading loss of Rs.5,97,034/- on sale of the scrip M/s Nikki Global Finance Ltd. as bogus one in view of the overwhelming suspicious circumstances evident from the case file. The Assessing Officer has quoted a catena of case laws including CIT vs. Durga Prasad More 82 ITR 540(SC) as well as the price movement of the scrip to conclude that the assessee’s loss suffers from lack of genuineness/creditworthiness. There is no rebuttal coming from assessee’s side in the instant case file. I therefore find merit in the learned DR’s argument and affirm the impugned disallowance of trading loss amounting to Rs.5,97,034/- in issue.
This assessee’s appeal is dismissed.