Stephen Fernandes Vs ITO (ITAT Bangalore)
ITAT Bangalore held that since assessee filed voluminous documents in paperbooks during the course of hearing before ITAT, the matter is remitted back to CIT(A) for consideration of documents furnished by the assessee and fresh decision as per law.
Facts- The assessee filed return of income on 17.10.2016 declaring NIL income after adjusting loss of Rs.41,44,319 against other sources business profit of Rs.41,44,319. During the course of assessment proceeding details regarding income from business, loss from other sources and interest earned from various financial institutions were called for. In response the assessee submitted computation of income and income & expenditure account. After verification, the AO noted that the assessee claimed to have earned profit of Rs.30,39,757 against mining business and after set off of loss of Rs.32,42,811 from share transaction and worked out net loss of Rs.2,07,011. The assessee various documents which are listed by the AO in page 3 of his order. The assessee also filed explanation and the AO referring to section 43(5) and 73(1) of the Act assessed total income at Rs.41,44,319.
The First Appellate Authority (FAA) after going through the assessment order and submission made by the assessee, confirmed the order of the AO and dismissed the appeal of the assessee. Aggrieved, the assessee is in appeal before the ITAT.
