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2016 (9) TMI 950 - AT - Income TaxAddition on account of interest on loan attributable to the investments in securities - CIT(A) deleted the addition - Held that:- From the foregoing discussions we find that the AO has presumed that the shares held as stock in trade were converted into investments on dated 01.04.2004 and accordingly interest expenses pertaining to the investment were disallowed. However, the ld. CIT(A) has granted relief to the assessee by holding that the shares were converted as investment on dated 31.03.2005. Now the question before us arise so as to whether the shares were converted on 01.04.2004 or 31.03.2005. On query from the Bench the ld. DR has not shown any evidence that the shares were converted on dated 01.04.2004. The ld. DR failed to bring anything on record. On the other hand, the ld. AR has given sufficient proof as stated above in support of his claim that the shares were converted as investment on dated 31.03.2005. At the time of hearing the ld. DR failed to bring anything contrary to the findings of the ld. CIT(A). In view of the above we do not find any reason to interfere in the order of the ld. CIT(A). Hence this ground of appeal of the revenue is dismissed.
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