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2015 (9) TMI 647 - ITAT MUMBAITreatment to Commission on share application made on behalf of PMS clients as income of the assessee - Held that:- There is uncontroverted finding in the assessment order as well as in the impugned order that even after set-aside proceedings, the assessee did not produce any evidence in support of its contention that the transaction and subscription was on account of PMS client account, thus, the addition was again made. Even, the submission of the assessee vide letter dated 23/06/2011 were considered and before the ld. Commissioner of Income Tax (Appeals) also no such evidence was produced. Even before us, no evidence was produced by the assessee, therefore, we have no option but to confirm the conclusion drawn by the ld. Commissioner of Income Tax (Appeals) - Decided against assessee. Disallowance of loss on revaluation of securities - Held that:- There is uncontroverted finding in the impugned order that the assessee could not produce any evidence for substantiating its claim of proving that it was held as stock in trade. These investment were shown in the category of investment only in the balance sheet to comply with schedule-6 of the company Act. Thus, we find no infirmity in the conclusion of the ld. Commissioner of Income Tax (Appeals). - Decided against assessee. Disallowance of accrued interest on overdue lease rentals - Held that:- Totality of facts clearly indicates that even pursuant to the direction of the Tribunal, the assessee neither filed any basis nor any agreement and merely claimed that it was waived on case to case basis and the circumstances. Even, no such circumstance was adduced before the Assessing Officer /Commissioner of Income Tax (Appeals), thus, we find no infirmity in the impugned order.- Decided against assessee.
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