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2013 (12) TMI 356 - AT - Income TaxAssessment under u/s 143(3) read with section 147 The assessee is a non-residential banking company Loss on sale of investments - Held that:- Following Bank of Baroda [2003 (3) TMI 80 - BOMBAY High Court] The assessee is required to make investment in securities for its capital growth purpose - Such an investment is a part of banking business only - Any loss arising on sale of such investments will be in the nature of business loss Decided in favour of assessee. Profit on sale of shares not credited to profit and loss account Held that:- The profit on sale of shares is separately added to the income computed as per income tax provisions The income has not escaped assessment - Decided in favour of assessee. Indexation of purchase cost of shares Held that:- Keeping in view provisions of section 48 The proviso to section 48 are not applicable to the assessee - The "reasons recorded" by the Assessing Officer do not meet the requirement of law - The entire proceedings based on such "reasons recorded" are void ab initio Decided against Revenue.
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