Quadeye Securities Pvt. Ltd. vs. DCIT, Circle-11(1), Kolkata
Parties Involved
Facts Summary
Quadeye Securities Pvt. Ltd. appealed against the order of the National Faceless Appeal Centre confirming the addition made by the Assessing Officer on account of disallowance of loss incurred in commodities dealing on the National Multi Commodity Exchange of India Limited platform and further making addition on account of alleged commission paid in booking the bogus loss. The assessee contested the additions on the grounds of the validity of the reopening of the assessment under section 147 of the Income Tax Act and on merits. The assessee argued that the reopening was based on vague information and without correlating the information with the accounts of the assessee. The revenue relied on the findings of the lower authorities.…
Decision in favour of
Assessee
Legal Issues
- 1. Validity of the reopening of the assessment under section 147 of the Income Tax Act.
- 2. Merits of the additions made by the Assessing Officer.
Judgment Outcome
Decided in favour of Assessee.
Precedents Relied Upon
5 precedents cited in this judgement.
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