DILIP KUMAR MODI,KOLKATA vs. ITO, WARD - 34(3), KOLKATA, KOLKATA

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ITA 1328/KOL/2018Status: DisposedITAT Kolkata28 September 2018AY 2009-102 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal deleted the disallowance of loss amounting to ₹1,34,515/-. This was because the assessee's counsel stated that the loss was never claimed, and the Departmental Representative could not rebut this.

What were the facts?

The Assessing Officer re-opened the assessment for AY 2009-10 and disallowed a loss claim of ₹1,34,515/- as bogus. The assessee appealed this decision.

What were the issues?

The primary issue was the validity of the disallowance of a loss claim that the assessee contended was never made.

Which sections of the Income-tax Act were involved?

Section 147,Section 143(3)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, KOLKATA BENCH “SMC” KOLKATA

Before: Shri S.S, Godara

Shri Subash Agarwal, Advocate अपीलाथ� क� ओर से/By Appellant Shri Kapil Mondal, JCIT-DR ��यथ� क� ओर से/By Respondent 18-09-2018 सुनवाई क� तार�ख/Date of Hearing 28-09-2018 घोषणा क� तार�ख/Date of Pronouncement आदेश /O R D E R This assessee’s appeal for assessment year 2009-10 is directed against the Commissioner of Income-tax (Appeals)-10, Kolkata’s order dated 24.05.2018 passed in case No.376/CIT(A)-10/W-34(3)/2009-10 affirming the Assessing Officer’s action taking recourse to re-opening/re-assessment thereby disallowing loss claim of ₹1,34,515/- as bogus in his order dated 27.12.2016, involving proceedings u/s. 147/143(3) of the Income Tax Act, 1961; in short ‘the Act’. Heard both the parties. Case file perused.

2.

Learned counsel does not press for assessee’s former substantive ground challenging validity of reopening the same is therefore declined as not pressed. Coming to merits qua correctness both the lower authorities action holding assessee’s Dilip Kr. Modi Vs. ITO Wd-34(3), Kol. Page 2 loss amounting to ₹1,34,515/- as bogus learned counsel’s only case as per the taxpayer’s reply dated 09.12.2016 submitted to Assessing Officer is that he had nowhere claim of such loss. Learned Departmental Representative is unable to rebut correctness thereof during the course of hearing. I therefore delete the latter disallowance / addition loss of ₹1,34,515/- since not claimed at assessee’s behalf.

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