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2019 (6) TMI 1219 - AT - Income TaxDenial claim of interest expenditure - deduction from the short term capital gain - shares kept for investment purposes as the funds available with M/s. Moti Lal Oswal are mixed funds - HELD THAT:- CIT(A) upheld the action of the AO on the ground that no interest was paid by the assessee for the period prior to purchase of shares. The assessee that the interest expenditure of ₹ 10,76,258/- was incurred on borrowings made for acquisition of investments made in shares and there are no mixed funds and that it is a separate account in which no other transaction has been carried out except of the shares on which short term capital gain has been earned. It is the submission of assessee that in assessment year 2013-14 assessee has also paid interest to Moti Lal Oswal Financial Services amounting to ₹ 4,90,555/- which was accepted by the department and allowed as deduction from short term capital gain. From the various details furnished by the assessee it requires a re-visit to the file of the Assessing Officer to adjudicate the issue afresh in the light of the various submissions made by the assessee before me. Needless to say the AO shall give due opportunity of being heard to the assessee and decide the issue as per fact and law.
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