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2018 (11) TMI 1238 - AT - Income TaxAllowance of busniss loss - proof of enough sale/purchase of shares to justify that the assessee was in share trading business - Held that:- A perusal of the order passed by the A.O. also shows that the income of the assessee was computed under the head ‘profits and gains of business or profession’ by the A.O. himself which fully supports the claim of the assessee that the business of trading in shares was carried on by him during the year under consideration. Accept the contention of the learned counsel for the assessee that the business of trading in shares was carried on by the assessee during the year under consideration and allow ground no 1 of the assessee’s appeal. Disallowance of interest - Held that:- Paper book shows that the entire borrowed funds were utilised by the assessee for personal purposes and there is nothing to show that such borrowed funds were utilised even partly for the purpose of business of trading in shares. Even the learned counsel for the assessee has not raised any material contention in support of the assessee’s case on this issue and has only contended that disallowance was made by the assessee suo moto in the computation of income on account of interest. In this regard, it is observed that the Ld. CIT(A) has already allowed a relief to the assessee on this issue to the extent of ₹ 53,910/- by observing that there was a double disallowance to that extent. We, therefore, find no merit in the case of the assessee. Claim for set of off brought forward business loss - Held that:- CIT(A) by way of an additional ground has not been decided by the Ld. CIT(A) vide his impugned order. Since the claim of the assessee relating to the set of off brought forward business loss requires verification from the relevant record, direct the A.O. to consider and decide the same after necessary verification in accordance with law. Ground no 3 of the assessee’s appeal is accordingly treated as allowed for statistical purpose.
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