SKETCH HOUSING PVT. LTD.,KOLKATA vs. I.T.O.,WARD-9(4), KOLKATA

Case called twice. The Registered (RP/AD) notes dt. 26-11- 2019 issued to the assessee stands returned by the postal authorities. It is accordingly proceeded ex parte. The main appeal is now taken up for adjudication on merits. The assessee’s sole substantive grievance challenges correctness of both the lower authorities’ action disallowing loss of Rs. 5,97,034/- arising from Assessment Year: 2014-2015 Sketch Housing Pvt. Limited sale of shares held in M/s. Nikki Global Finance Limited. Both the learned lower authorities have held that although the assessee has placed on record its D-Mat holding, statement, contract notes of purchase and sale of shares and bank statements, but the same do not inspire confidence since suffering from lack of genuineness and creditworthiness as per Sumati Dayal & Durgaprasad More reported in (1995) 214 ITR 801(SC) & 82 ITR 540(SC). The very factual position continues before the Tribunal since there is no material to rebut the same. I therefore confirmed the impugned disallowance/addition of bogus loss of Rs. 5,97,034/-.