ACIT (CENTRAL)-1 INDORE, INDORE vs. ESSENCE COMMODITIES (P) LTD., INDORE
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Income Tax Appellate Tribunal, INDORE BENCHES “DB”: INDORE
Before: SHRI CHANDRA MOHAN GARG & SHRI BHAGIRATH MAL BIYANI
Per contra, the Ld. CIT(A), on examination of books of
accounts found that the said speculation business
transactions with M/s. Victory Tip Up Pvt Ltd. were
reflected in audit report and the transactions highlighted
and alleged by the AO in the assessment order were dully
recorded in the books of account. Therefore, we are unable
to see any valid reason to interfere with the findings arrived
by the Ld. CIT(A) and thus we uphold the same. Accordingly
ground no. 6 of revenue is also dismissed.
30 ITA No.675/Ind/2019 ITA Nos.278 & 184/Ind/2020 Cross Objection No.17/Ind/2020 Cross Objection Nos.04 & 09/Ind/2021 Essence Commodities Pvt. Ltd.,
Ground no. 1 to 5 of Revenue for A.Y. 2012-13 & 2013-
The grounds of assessee for A.Y. 2012-13 and 2013-14
are identical and similar and the Ld. CIT(DR) could not
show us any distinct or dissimilar factual position of
situation between A.Y. 2011-12 and AYs 2012-13 & 2013-
Therefore, our conclusion recorded for ground nos. 1 to
5 of revenue for A.Y. 2011-12 would apply mutatis mutandis
to ground nos. 1 to 5 of revenue for A.Y. 2012-13 & 2013-
Accordingly, grounds of revenue no. 1 to 5 for A.Y.
2012-13 & 2013-14 are also dismissed.
In the result all the appeals of revenue for A.Ys. 2011-
12 to 2013-14 are dismissed.
Cross objections of assessee for A.Y. 2011-12 to 2013-
The Ld. AR submitted that the cross objections of the
assessee have been filed only to support the first appellate
31 ITA No.675/Ind/2019 ITA Nos.278 & 184/Ind/2020 Cross Objection No.17/Ind/2020 Cross Objection Nos.04 & 09/Ind/2021 Essence Commodities Pvt. Ltd.,
order. No substantial arguments have been advanced in
support of cross objections of the assessee. Since by the
earlier part of this we have dismissed appeals of revenue for
A.Ys. 2011-12, 2012-13 & 2013-14 therefore the cross
objections of the assessee are not being adjudicated upon as
have become academic and infractuous.
In the result, cross-objections filed by the assessee for
the A.Ys. 2011-12, 2012-13 & 2013-14 are dismissed.
To sum-up, appeals of the Revenue and Cross
Objections of the Assessee are dismissed.
Order pronounced in the open court on 10.02.2023.
Sd/- Sd/-
[BHAGIRATH MAL BIYANI] [CHANDRA MOHAN GARG] ACCOUNTANT MEMBER JUDICIAL MEMBER Indore, Dated 10th February, 2022 NV/- Copy to
32 ITA No.675/Ind/2019 ITA Nos.278 & 184/Ind/2020 Cross Objection No.17/Ind/2020 Cross Objection Nos.04 & 09/Ind/2021 Essence Commodities Pvt. Ltd.,
The appellant 2. The respondent 3. Ld. CIT(A) concerned 4. CIT concerned 5. DR ITAT Bench, Indore 6. Guard File
//By Order//
Assistant Registrar, ITAT, Indore Benches, Indore.
Date of dictation on 02.02.2023 .02.2023 Date on which the typed draft order is placed before the dictation Member .02.2023 Date on which the approval draft comes to the Sr. PS .02.2023 Date on which the fair order is placed before the Dictation member for pronouncement Date on which the fair order comes back to the Sr. P.S. .02.2023 .02.2023 Date on which the final order is uploaded on the website of ITAT .02.2023 Date on which the file goes to the Bench Clerk Date on which the file goes to the Head Clerk The date on which the file goes to the Assistant Registrar for signature on the order Date of dispatch of the Order.
