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2011 (5) TMI 579 - AT - Income TaxDisallowance of loss - transaction backed by delivery and non backed by delivery - Held that:- In view of finding of fact in another group concern the A.O. should examine the nature of the transaction under taken by the assessee without getting affected/persuaded by the observations of the SEBI and JPC, unless they are applicable to the facts in assessee case. Aslo there was special audit conducted of assessee's transactions and the report was not placed on record. The A.O. is directed to consider the issues afresh - in favour of assessee by way of remand. Disallowance of interest - neither the bank has debited the assessee's loan account with interest nor the assessee has credited the bank account - Held that:- The position of law is well settled that making of an entry or absence of an entry in the books of account cannot determine rights and liability of party - in view of the bank statement, the assessee is entitled to the deduction of interest as claimed by it - assessee has itself disallowed an amount of interest of Rs.4,80,00,000/- being not utilized for the purpose, the AO is directed to allow the balance amount of interest of Rs.3,65,59,646 - in favour of assessee. Carried forward of long term capital loss - Disallowance on the absence of any brokers notes and other details submitted - Held that:- AO and CIT(A) despite of the furnishing the debit note by the assessee has not examined the issue properly, therefore the matter should go back to the file of the AO for reconsideration - in favour of assessee for statistical purposes.
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