M/S. SHARDARAJ TRADEFIN LTD.,KOLKATA vs. ITO, WARD - 1(3), KOLKATA, KOLKATA

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ITA 236/KOL/2018Status: DisposedITAT Kolkata31 January 2019AY 2011-123 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The tribunal upheld the disallowance of the trading loss due to lack of genuineness. However, it allowed the deletion of Section 14A disallowance as the assessee had not derived any exempt income.

What were the facts?

The assessee claimed a trading loss in F&O transactions, but the contract notes were unsigned and lacked stamps. The AO found discrepancies and concluded the loss was bogus, adding it back. The assessee also claimed deletion of disallowance under Section 14A.

What were the issues?

Whether the F&O trading loss was genuine and whether Section 14A disallowance is applicable in the absence of exempt income.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 14A

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, KOLKATA BENCH “C” KOLKATA

Before: Shri S.S.Godara & Dr. A.L. Saini

O R D E R

PER S.S.Godara, Judicial Member:

1.

- This assessee’s appeal for assessment year 2011-12 arises against the Commissioner of Income Tax (Appeals)-19 Kolkata’s order dated 29.11.2017 passed in case No.154/CIT(A)-19/Kol/2015-16, involving proceedings u/s 143(3) of the Income Tax Act, 1961; in short ‘the Act’. Case called twice. None appears at assessee behest. The registry has already sent an RPAD notice dated 13.12.2018 for today’s hearing. It is accordingly proceeded ex parte. We take up the instant appeal on merits.

2.

The assessee’s former substantive ground seeks to revive both the lower authorities action disallowing its loss of ₹,1,30,10,266/- claimed on trading loss in F&O’s transactions to be lacking genuineness. It transpires during the course of hearing that relevant contract notes coming from M/s

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