What did the Tribunal hold?

The Tribunal held that the Assessing Officer failed to prove the intention of the assessee to treat the transactions as speculative. The issue was covered by High Court precedents, leading to the dismissal of the revenue's appeals.

The Assessing Officer treated certain contracts as speculative transactions without establishing the assessee's intention to avoid delivery. The revenue appealed against the deletion of additions made on this basis.

What were the issues?

Whether the Assessing Officer correctly identified transactions as speculative without establishing the necessary intent of the assessee.

ACIT vs Antrix Diamond Exports Pvt. Ltd… | ITAT Surat 2023

Heard together (2 matters)

ITA No. 46/Srt/2022

ITA No. 45/Srt/2022

Read from the judgment's own cause title. This page is filed under one of them.

ACIT Vs M/s Antrix Diamond Exports P Ltd. contracts with sufficient reasons. The assessing officer nowhere recorded that the intention of the assessee at the time of the original contract was not to give or take delivery of the goods in order to make it a speculative/wagering transaction, which is one of the primary condition to treat the transaction as ‘speculative transaction’.

14.

Moreover, the issue is directly covered by the decision of Calcutta High

15.

Now we take appeal in ITA No. 46/Srt/2022 for the A.Y. 2014-15 wherein the revenue has raised similar grounds of appeal as raised in appeal in ITA No. 45/Srt/2022 for A.Y. 2013-14, except variation of amount of disallowance/addition. Considering the fact that we have dismissed the appeal of revenue in ITA No. 45/Srt/2022 for A.Y. 2013- 14, therefore, considering the principle of consistency, appeal of ITA No. 46/Srt/2022 for the A.Y. 2014-15 are also dismissed with similar findings.

16.

In the result, both these appeals of the revenue are dismissed. Order pronounced in the open court on 27th February, 2023. (Dr. ARJUN LAL SAINI) (PAWAN SINGH) ACCOUNTANT MEMBER JUDICIAL MEMBER Surat, Dated: 27/02/2023 *Ranjan ACIT Vs M/s Antrix Diamond Exports P Ltd. Copy to:

Assessee

Revenue

CIT(A)

CIT

Guard File By order

Sr. Private Secretary, ITAT, Surat

ACIT, CENTRAL CIRCLE-3, SURAT vs. ANTRIX DIAMOND EXPORTS PVT. LTD, MUMBAI

What did the Tribunal hold?

What were the facts?

What were the issues?

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