Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (11) TMI 629 - AT - Income TaxGain from sale and purchase of shares and mutual funds - STCG on sale of shares / mutual fund - HELD THAT:- As decided in own case [2018 (3) TMI 210 - ITAT MUMBAI] AR fairly conceded that the amount of STCG earned by the assessee included certain intra-day gains / losses which were in the nature of speculation and hence were required to be excluded while arriving at figures of STCG. Therefore, at the outset, we direct Ld. AO to exclude the same from the figures of STCG and treat the same as speculation in nature. We concur with the stand of Ld. AR that the short term capital gains earned by the assessee was assessable under the head Capital Gains only subject to adjustment as envisaged above. Disallowance of foreclosure expenses - AO held that the assessee failed to prove that applicable TDS has been deducted and paid for, therefore, even if the above expenditure are allowable u/s 37 (1), still the same needs to be disallowed u/s 40(a)(ia) - HELD THAT:- We note that it is settled law that res judicata does not apply to tax matter. Hence learned counsel’s reference to earlier and subsequent proceedings are not at all relevant here. We note that the aforesaid sum of ₹ 57,42,28,508/- inter alia represents the balance in the loan accounts which have been closed pursuant to realisation of assets secured from the borrower after incurring the various expenditure. We note that no detail was submitted before the assessing officer. Assessing officer had no occasion to examine the details including the various entries subsequent to which this amount has been arrived at. Learned CIT-A has in summary manner allowed the assessee's appeal. He has never referred to any detail submitted by the assessee. It is also accepted by the learned counsel of the assessee that the details as claimed by him to be submitted before the learned CIT-A were not filed as additional evidence nor the same were remanded to the assessing officer. In these facts in our considered opinion the interest of justice demands that this issue be remitted to the file of assessing officer.
|