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

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ITA 1589/KOL/2019Status: DisposedITAT Kolkata31 January 2020AY 2014-152 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal confirmed the disallowance of the claimed loss. It found that the assessee failed to provide sufficient material to rebut the findings of the lower authorities regarding the lack of genuineness and creditworthiness of the share transactions.

What were the facts?

The assessee claimed a loss of Rs. 5,97,034/- from the sale of shares. Despite providing D-Mat holding, contract notes, and bank statements, the lower authorities found the documents lacked genuineness and creditworthiness.

What were the issues?

Whether the loss claimed from the sale of shares is genuine and supported by credible evidence, or if it is a bogus claim.

Which sections of the Income-tax Act were involved?

Section 143(3)

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Income Tax Appellate Tribunal, KOLKATA ‘A(SMC

Before: Shri Satbeer Singh Godara

1.

This assessee’s appeal for assessment year 2014-15 arises against the CIT(A), 3, Kolkata’s order dated 28-05-2019 passed in case no. CIT(A)-3, Kolkata/10950/16-17/Kol involving proceedings u/s 143(3) of the Income-tax Act, 1961 ( in short ‘Act’).

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/-.

3.

In the result, this assessee’s appeal is dismissed. Order pronounced in the Court on 31 -01-2020

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