Loading judgment…
No AI summary yet for this case.
Income Tax Appellate Tribunal, MUMBAI BENCH “B”, MUMBAI
Before: SHRI D.T. GARASIA & SHRI MANOJ KUMAR AGGARWAL
Per D.T. GARASIA, Judicial Member:
The present appeal has been preferred by the assessee against the order dated 06.02.2014 of the Commissioner of Income Tax (Appeals) [hereinafter referred to as the CIT(A)] relevant to assessment year 2009-10.
One of the effective grounds taken by the assessee relates to confirmation of addition on account of unexplained cash credit u/s 68 of the Act. The short facts of the case are that there was information from AIR that assessee maintained bank account with Axis Bank wherein
2 Mrs. Mrudula C. Vora cash deposit of Rs.10,80,000/- was found. Assessee was able to produce the evidence in respect of Rs.4,80,000/- but in respect of Rs.6,00,000/- assessee could not produce any evidence before the AO and the Ld. CIT(A). Therefore, the Ld. CIT(A) has confirmed the addition of Rs.6,00,000/-.
Before us, the assessee did not remain present and no evidence was produced before us. Therefore, we have no alternative except to endorse the action of the Ld. CIT(A). Hence, this ground of the appeal is dismissed.
Another effective ground taken by the assessee relates to disallowance of F&O loss of Rs.80,19,820/-. In respect of disallowance of loss arising from F&O transactions of Rs.80,19,820/- the assessee was asked to furnish broker’s note and Dmat account. However, assessee did not file any details. Therefore, loss of Rs.80,19,820/- was denied.
Before us, the assessee did not remain present and no evidence was produced before us. Therefore, we have no alternative except to endorse the action of the Ld. CIT(A). Hence, this ground of the appeal is dismissed accordingly.
In the result, appeal of the assessee is dismissed. Order pronounced in the open court on 13.10.2017.