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2015 (10) TMI 733 - AT - Income TaxDisallowance of interest expenditure claimed against Short Term Capital Gains - Held that:- In the instant case, it is not the case of the assessee that she has applied for Shares under Initial Public Offering. Hence, the case laws relied upon by Ld A.R is not applicable to the instant case. The question of deduction of interest against the sale value of shares would arise only if the interest expenditure is capitalized. In the instant case, it is not shown to us that the assessee has capitalized the interest expenditure in accordance with the principles discussed above. Accordingly, in our view, the Ld CIT(A) was justified in holding that the interest expenditure is not deductible against short term capital gains. - Decided against assessee. Non consideration of revised return of income - According to the assessee, the Ld CIT(A) was not correct in holding that the said fact is relevant only for penalty proceedings - Held that:- We have already noticed that the assessee has filed revised return of income only on 26.07.2010. Under the provisions of sec. 139(5), the revised return of income for the year under consideration could be filed on or before 31.3.2010. Since the revised return of income was filed by the assessee after the expiry of the time limit prescribed under the Act, the AO did not consider the same. As stated earlier, the AO has made certain observations by making certain inferences. Since those inferences are not relevant in the quantum assessment proceedings, the Ld CIT(A) held the ground urged against the same as premature. Though the assessee has urged this ground in this regard, we also do not find necessary to express any opinion in this regard. - Decided against assessee.
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