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INCOME TAX APPELLATE TRIBUNAL (MUMBAI BENCH)
Sandeep Gosain, J, Prabhash Shankar, ACJ
Income Tax Officer – Appellant
Versus
Jatin Jayantilal Desai – Respondent
| Table of Content |
|---|
| 1. tax evasion through derivatives trading. (Para 2 , 3) |
| 2. cit(a)'s power to delete disallowances. (Para 4 , 5) |
| 3. remand for proper adjudication and cross-examination rights. (Para 8 , 9 , 11) |
ORDER
Per: SHRI. SANDEEP GOSAIN, J.M.:
The present appeal has been filed by the revenue and CO filed by the assessee challenging the impugned order dated 04.06.2024, passed u/s 250 of the Income Tax Act, 1961 (‘the Act’), by the National Faceless Appeal Centre, Delhi (‘Ld. CIT(A)’) for the assessment year 2015-16.
“1. Whether on the facts and circumstances of the case and in law, the Ld. CIT(A) has erred in deleting the disallowance of Rs. 65,26,188/ of losses incurred in derivatives trading ignoring the fact that the action of the Assessing Officer was based on credible Information received from the DGIT Investigation Wing, Mumbai?"
2. "Whether on the facts and circumstances of the case and in law, the Ld. CIT(A) has erred in deleting the disallowance of Rs. 65,26,188/ of losses incurred in derivatives trading without appreciating the fact that the assessee has traded through broker NS Broking Put Ltd and the counter parties Odyssey Securities Put Ltd & Kalyan Securities Put Ltd
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