Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2013 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (5) TMI 443 - AT - Income TaxDisallowance of interest, DEMAT charges, Membership Subscription out of short term capital gain - Held that:- AO & CIT(A)'s conclusions were derived in the context of the assessee's failure to submit the details establishing the nexus of the interest expenditure qua the capital used for purchase of the shares. Thus, it is evident that the Revenue Authorities have given their finding without going into the merit of the issue and the connection of the impugned expenditure qua the capital gains claimed by the assessee. It is, thus the disallowance so made by the AO is pre-mature, which requires one more round of examination of the facts by the AO. Considering the request of the assessee's Counsel to remand the issue to the files of the AO for fresh adjudication - grounds raised by the assessee are partly allowed for statistical purposes.
|