Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (4) TMI 210 - AT - Income TaxLoss on sale of unquoted shares - particulars regarding the year of acquisition, cost price, indexed cost and sale consideration were furnished in the course of assessment proceedings - sales were not effected through Recognized stock exchange and were not sold in acute financial exigency - HELD THAT:- The cost of acquisition of shares in Tatia Skylines & Health Farms Ltd. i.e. ₹ 41,25,000/- is apparent from schedule 5 of audited accounts of the assessee. In view of the totality of facts explained above the disallowance of assessee’s claim for long term capital loss of ₹ 81,90,769/- is beyond any controversy and requires to be allowed and therefore we confirm the findings of ld CIT(A). We note that so far of long term capital loss arising from sale of 20,56,850 shares of JP Morgan, it is an admitted fact that the company failed to furnish any details. The failure to furnish such details may result in disallowance of Long term capital loss of ₹ 6,52,950/- relating to acquisition and sale of shares of JP Morgan shares only. The loss arises from the sale of 20,56,850 shares of JP Morgan wherein the assessee failed to furnish any details are not allowed and balance loss is allowed. Hence, A.O. is directed to delete the addition accordingly and balance loss of ₹ 6,52,950/- is confirmed. That being so, we decline to interfere with the order of Id. C.I T.(A) in deleting the aforesaid addition. His order on this addition is, therefore, upheld and the ground of appeal of the Revenue is dismissed. Disallowance of expenses u/s 40(a)(ia)for non deduction of tds - TDS u/s 194C - expenses claimed under the sub-head "Dyes & Chemical" are purchase of material- HELD THAT:- Expenses claimed under the sub-head "Dyes & Chemical" is in relation to purchases of materials. This fact is also admitted at para 5 of the assessment order. Therefore, the question of deduction of TDS U/s 194C is not applicable. That is, the provisions of Chapter XVIIB of the Act relating to TDS do not attract on purchase of goods and materials. Therefore, the disallowance made by AO is contrary to the provisions of section 194C of the Act. That being so, we decline to interfere with the order of Id. C.I T.(A) in deleting the aforesaid addition - Decided against revenue
|