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2012 (12) TMI 323 - ITAT MUMBAIClaim of share trading loss - whether the assessee had declared the rights share in assessment year 1995-96 as stock-in-trade ? - Deduction u/s 80IA - Held that:- The assessee was promoter of GVMCL and shares acquired as promoter of the company had been declared as investment in the balance sheet. The company had come out with rights issue in February’95 and assessee had subscribed to rights issue only with the intention of selling the rights shares. The intention of the assessee can be gathered from the nature of entry made in the books of account at the time acquisition of rights shares in February/March, 1995. The assessee has submitted that the assessee had obtained the balance sheet of assessment year 1995-96 from CIT(A) in response to application dated 30.11.2011, a copy of which has been enclosed with the affidavit showing that the shares of GVMCL had been declared as stock-in-trade but from the perusal of the said balance sheet it is noted that the same is not the certified copy of balance sheet given by CIT(A) from his records because it neither bears the stamp of the office of CIT(A) nor there is any covering letter from CIT(A) enclosing therewith copy of balance sheet. Therefore, it is not established whether the balance sheet for the assessment year 1995-96 now being filed is copy of balance sheet filed during the assessment proceedings for the assessment year 1995-96. Thus the matter requires verification at the level of CIT(A) restore the matter back to CIT(A) for passing a fresh order - in favour of assessee for statistical purposes.
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