The Tax Publishers2020 TaxPub(DT) 5040 (Del-Trib)

IN THE ITAT, DELHI BENCH

AMIT SHUKLA, J.M. & B.R.R. KUMAR, A.M.

Chander Prakash Chawla v. ACIT

I.T.A. Nos. 3682, 5231/Del/2019

27 November, 2020

Revenue Dismissed.

Assessee by: Y.K. Sud, CA & S.S. Kalra, CA

Revenue by: Avikal Mannu, Sr. DR

ORDER

Per Bench:

The present appeals have been filed by the assessee and revenue against the orders of the learned Commissioner (Appeals)-16, New Delhi dated 8-3-2019.

2. In ITA No. 3682/Del/2019, following grounds have been raised by the assessee :--

'A. That the Commissioner (Appeals) was not justified in sustaining the disallowance of Rs. 2,02,65,593 on account of Short Term Capital loss incurred by the appellant on sale and purchase of the Equity Shares.

B. That while sustaining the disallowance of Short Term Capital loss, the Commissioner (Appeals) failed to appreciate not only the submissions made by the appellant but also the vital facts and the evidence which clearly supported the sale and purchase of the shares. Hence, the actions of the assessing officer & the Commissioner (Appeals) are required to be vacated.

C. That the Commissioner (Appeals) further erred by sustaining the action of the assessing officer in placing the reliance on the statement recorded of an official of the Axis Bank at the back of assessee and further not providing any opportunity of cross-examination to the assessee. Such action of the assessing officer & Commissioner (Appeals) cannot be sustained as clearly against the natural justice.

D. That both Commissioner (Appeals) & assessing officer have exceeded their jurisdiction by giving a finding that appellant assessee should not have invested in the shares of the company namely India Infotech & Softwares Ltd. and further Commissioner (Appeals) has also upheld the disallowance purely on the basis of suspicion by ignoring the direct evidence filed by the assessee.

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