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The Commissioner of Income Tax-15 Versus Sanjay Manohar Vazirani

2016 (7) TMI 53 - BOMBAY HIGH COURT

If gain on account of purchase and sale of shares is in the nature of business income, then, the interest paid by the respondent-assessee for borrowing funds for its business has necessarily to be allowed - Income Tax Appeal No. 2442 of 2013 - Dated: .....

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2013 passed by the Income Tax Appellate Tribunal (the Tribunal). The impugned order is in respect of Assessment Year 2009-10. 2. The Revenue has urged the following questions of law for our consideration : (i) Whether, on the facts and in the circum .....

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and circumstances of the case and in law, the Tribunal is right in holding that the borrowed funds, on which interest has been paid by the assessee, were utilized for the purpose of business and is an allowable expenditure when the assessee himself h .....

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actions. During the course of assessment proceedings, the respondent-assessee revised its computation of income (without having filed Revised Return of Income) contending that the profit/loss on account of dealing in shares would be classifiable as b .....

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see claimed that the profit/loss on account of amounts attributable to short term capital gain/loss should be classified as business income as it did not arise out of investments. However, the CIT(A) by order dated 1st June, 2012 did not accept the c .....

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013 allowed the appeal. This by placing reliance upon the decision of this Court in CIT v/s. Pruthvi Brokers and Shareholders Pvt. Ltd. 349 ITR 336 wherein the claim of the assessee without filing a Revised Return of Income was allowed as in any even .....

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