Shubham Investment & Finance Pvt Ltd. vs. Income Tax Officer-Central Circle – 6(4), Mumbai

Parties Involved

Facts Summary

Shubham Investment & Finance Pvt Ltd. filed appeals against the order of the Commissioner of Income Tax (Appeals)-54, Mumbai, dated 25.09.2023, which upheld the assessment orders passed by the Deputy Commissioner of Income Tax, Central Circle-6(4), Mumbai, for the Assessment Years 2014-15 and 2015-16. The assessee challenged the disallowance of Futures and Options (F&O) loss and the addition made under section 68 of the Income-tax Act. The assessee argued that the notice issued under section 148 of the Income-tax Act was illegal and that the Commissioner of Income Tax (Appeals) had erred in confirming the actions of the Assessing Officer without appreciating the facts. The assessee also sought to admit additional evidence under Rule 29 of the Income Tax Appellate Tribunal Rules, 1963, to substantiate their claims.…

Legal Issues

• 1. Whether the notice issued under section 148 of the Income-tax Act is illegal?
• 2. Whether the Commissioner of Income Tax (Appeals) erred in confirming the actions of the Assessing Officer?

Judgment Outcome

Decided in favour of Assessee.

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