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2010 (7) TMI 662 - AT - Income TaxDisallowance - AO wanted to verify the expenses, assessee was duty bound to produce the books of accounts and other bills and vouchers for his verification - Merely because, records are voluminous, that cannot be a reason for non production of such records before the Assessing Authority - Decided in the favour of the assessee by way of remand Regarding bad debts - The bonafides of the assessee are further clear from the fact that in the earlier year only provision was created and no claim for bad debt was made -In any case, there was a fire in the assessee’s office and no further records were available to prove this point Capital loss - US-64 units had ceased to exist and in place of them and on the strength of those holdings, the assessee has been allotted new tax free bonds and, therefore, even the extended definition of relinquishment is not applicable - Thus, it is not a case of extinguishment but a simple case of conversion of one asset into another - transaction regarding surrender of US-64 units for converting the same into Unit Trust of India 6.75% tax free bonds in terms of the scheme of the Unit Trust of India which was guaranteed by the Government of India, would not amount to transfer - In the result, revenue’s appeal is partly allowed for statistical purposes
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