Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2012 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (7) TMI 762 - AT - Income TaxAddition made on account of unaccounted investments - Held that:- Losses incurred by the respondent company by the sales of certain shares in two companies belonging to the same group were trading losses, the Appellate Tribunal treated the respondent company as a dealer in shares for the relevant year as in the earlier years it had been so treated by the Department, found that there was nothing on record which would suggest that the acquisition and sale of those shares was for anything other than commercial purposes, considered that the mere circumstance that those shares were shown by the respondent as investments in its balance-sheet was not conclusive, pointed out that there was nothing to show that the purchase of the shares had anything to do with the control of the companies concerned, and relied upon the circumstance that the sales were at market rates or at going rates - Misc. Application filed by the assessee seeking recalling of the order of the Tribunal for rectification u/s 254(2) does not have any merit.
|