ACIT (CENTRAL)-1 INDORE, INDORE vs. ESSENCE COMMODITIES (P) LTD., INDORE

ITA 675/IND/2019Status: DisposedITAT Indore10 February 2023AY 2011-12Bench: SHRI CHANDRA MOHAN GARG (Judicial Member), SHRI BHAGIRATH MAL BIYANI (Accountant Member)32 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the CIT(A) was correct in deleting the disallowance. The assessee had provided evidence of genuine business transactions, incurred losses on similar commodities on other exchanges, and the AO failed to provide cogent evidence to prove the losses were bogus.

What were the facts?

The Revenue appealed against the CIT(A)'s deletion of disallowance of losses claimed by the assessee on commodity trades. The Assessing Officer (AO) alleged these losses were contrived and incurred through synchronized trades on the NMCE platform to reduce taxable income.

What were the issues?

Whether losses incurred on commodity trades were genuine business losses or contrived to evade tax. Whether the AO provided sufficient evidence to disprove the genuineness of the losses.

Which sections of the Income-tax Act were involved?

Section 133(6)

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Cases cited in this judgment(4)Show list

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Income Tax Appellate Tribunal, INDORE BENCHES “DB”: INDORE

Before: SHRI CHANDRA MOHAN GARG & SHRI BHAGIRATH MAL BIYANI

Hearing: 15.11.2022Pronounced: 10.12.2023

PER CHANDRA MOHAN GARG, J.M.

The above captioned appeals have been filed by the Revenue against the Orders of the Ld. CIT(A)-3, Bhopal,

dated 26.03.2019 A.Y. 2011-12, dated 12.02.2020 for AY

2013-14 an

The order continues below.

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