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2014 (6) TMI 71 - AT - Income TaxTreatment of income of sale of shares Allowability of exemption u/s 10(38) of the Act Held that:- The number of shares, the date of purchase and dates of sale at the prices of specific number of shares as set out in the order has not been shown to be incorrect by the Revenue - none of the facts are disputed neither the dates are disputed nor the nos. of shares nor the price of sale or purchase - revenue has also not attempted to upset the finding of the CIT(A) inasmuch as that the assessee was maintaining two separate portfolios one for Investment and one for business - CIT(A) records that he has personally verified the position for the last 7 years from the P&L A/c of the assessee as well as the inventory of closing stock and then has come to a finding that neither during the year nor in the earlier years the assessee has ever traded in those shares which are kept as an investment - Nothing has been placed by the Revenue in order to take a contrary view. The factum of maintaining two separate portfolio was found to be correct even on a perusal of the position emanating from the 143(3) order of the AO in 2002-03 AY - No evidence to the contrary upsetting these findings as incorrect finding has been placed - the holding period has also not been argued to be incorrect which is more than one and a half year or more. - Decided against Revenue. Deletion of expenses Held that:- The only relief available to the assessee can be the deletion of the expenditure estimated for the month of June 2006 when Mr. Aman Gupta returned to India - Nothing has been placed on record before us except oral arguments to demonstrate that Mr. Aman Gupta was also financed by his father - No arguments have been advanced requesting for the admission of evidence of withdrawals available to the assessee's husband - In the absence of any relevant evidence the assessee being the best judge to know its affairs, there was no reason to deviate from the order thus, the addition @ Rs. 1 lac per month for the month of April and May is upheld and the addition to the extent of Rs. 2 lac is sustained Decided partly in favour of Assessee. Disallowance of foreign visit expenses Held that:- The claim of the assessee that the amount was sufficient to cover the two foreign travels has not been accepted by the department the argument has been advanced but nothing has been placed on record to show the actual withdrawals available to her husband for the specific period - the foreign travel for tourism purposes has been done by the assessee to Dubai and Singapore for specific days - The information available in regard to the travel whether it was executive class or ordinary class and the nature of stay whether it was a Five Star Hotel or an ordinary bed and breakfast arrangement is an information which necessarily is known only to the assessee who has chosen to evade the same as the stand taken is that no records have been maintained - Nothing has been placed to show that the addition is excessive there was no alternative but to confirm the addition as necessary evidence in the knowledge of the assessee have not been made available to take a contrary view Decided against Assessee.
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