ITA No.3117/M/2024

Parties Involved

Facts Summary

In the instant case, the Assessing Officer (AO) vide assessment order dated 23.09.2022 u/s 143(3) r.w.s. 144B of the Act, has made the addition of Rs.1,19,35,072/- on account of disallowance of Short-Term Capital Losses (STCL) and added the same in the income of the Assessee. The Assessee, being aggrieved, preferred first appeal before the Ld. Commissioner, however, despite affording various opportunities, except seeking adjournments, eventually made no compliance and therefore in the constrained circumstances, the Ld. Commissioner decided the appeal of the Assessee on the basis of the assessment order and in the absence of any documentary evidence/information which the Assessee failed to file and consequently dismissed the appeal of the Assessee upholding the addition made by the AO.…

Legal Issues

• 1. Disallowance of Short-Term Capital Losses (STCL) by the Assessing Officer.
• 2. Non-compliance by the Assessee in providing documentary evidence.

Judgment Outcome

Decided in favour of Assessee.

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