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CIT, Kolkata –II Versus M/s. Astor Dealers (P) Ltd.

2016 (5) TMI 476 - CALCUTTA HIGH COURT

Payment of interest towards purchase of debenture - revenue v/s capital expenditure - Held that:- The finding concurrently recorded both By the CIT (A) and the learned Tribunal that the debentures were held by way of business assets is not under chal .....

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handra Gupta And Asha Arora, JJ. For the Appellant : Mr. J. P. Khaitan, Sr. Advocate Mr. S. K. Bhowmik, Advocate Mr. A. K. Dey, Advocate For the Respondent : Md. Nizamuddin, Advocate Mr.P.Dhudhoria,Advocate ORDER The Court : The appeal is directed ag .....

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at the time of admission of the appeal reads as follows : Whether on the facts and in the circumstances of the case Tribunal was justified in allowing assessee s claim of payment of interest towards purchase of debenture as revenue expenditure under .....

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payable on the aforesaid purchase is an allowable expenditure under section 37 of the Income Tax Act. The assessing officer was of the opinion that the debentures were held by the assessee as an investment and therefore, expenditure incurred in payin .....

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- investment held by the company are long time in nature and are taken at cost The assessing officer, however, ignored and/or refused to attach any importance to the further notes which is as follows : The assessee added a note below the computation .....

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usiness of purchase and sale of securities shown as investments in the Balance sheet is business profit or loss and has been treated as such in the computation of income. In an appeal preferred by the assessee, the CIT (Appeal) held that - There is n .....

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