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Mr. Jaswantlal J Shah Versus DCIT-CC-32 Mumbai

Addition on statement made at the time of survey action u/s. 133A - Held that:- There is nothing on record to show that the statement of the assessee was recorded under coercion or threat. In such circumstances, the onus shifts to the assessee to prove that the statement given by him was wrong which is not the situation in the instant case. The statement of Mr. Mangilal Devashi was recorded u/s.132(4) of the Act which has got evidentiary value and as per that statement also, the amount was given .....

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e record, we found that in terms of documents found during course of survey u/s.133A, the AO found that assessee has not disclosed interest accrued on KVPs, investment in FDs, loans and advances and interest of loan advance to Shri M Joshi. Accordingly AO calculated interest on these deposits / investment / KVP and made the addition. No explanation was filed by assessee in support of these not declaring income on these FDs and KVPs etc., accordingly CIT(A) confirmed the action of the AO after ha .....

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erm capital gain OR business income - Held that:- CIT(A) has dealt in great detail with each and every script dealt with by the assessee, its magnitude turn over and the frequency of purchases and sales and thereafter arrived at a conclusion that assessee’s claim of short term capital gain was not correct and held the same as business income. The detailed finding so recorded by CIT(A) has not been controverted by learned AR by bringing any positive material on record, accordingly we do not find .....

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xempt income which is to the tune of ₹ 5,75,408/-. We direct accordingly. - Disallowance of set off of loss incurred in respect of speculation business, business loss and short term Capital Loss - Held that:- CIT(A) has recorded detailed finding for not allowing set off of such loss after observing that assessee has not filed relevant details either before the AO or before the CIT(A). CIT(A) also observer that even during the appellate proceedings, assessee has not furnished necessary .....

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17 - SHRI R.C.SHARMA, AM, AND SHRI SANDEEP GOSAIN, JM For The Assessee : Shri Rajeev Kumar For The Revenue : Shri Sambit Sharma ORDER PER R.C.SHARMA (A.M): These are the appeals filed by assessee against the order of CIT(A)-41, Mumbai dated 03/01/2011 for the Assessment Years 2005-06, 2006-07, 2008-09 and 2009-10 in the matter of order passed u/s.143(3) / 143(3) r.w.s. 263 of the IT Act. ITA 2599/Mum/2014 (A.Y.2005-06) In this appeal, assessee alleged that order passed by AO was being barred by .....

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ing certain additions. A survey operation u/s.133A of the Act had been conducted at the premises of the assessee on 11/12.12.2004 by the DDIT (lnv.), Unit III(2), Mumbai. In his statement recorded u/s.133A of the Act, the assessee had accepted that an amount of ₹ 2,17,50,000/- deposited in account NO.0060460000320 in the name of M/s. Essjay Incorporation with the HDFC Bank, Worli Branch, Mumbai represented his unexplained money. During the survey it was offered by him as his undisclosed in .....

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nding that it was merely tentative and had no evidentiary value whatsoever. The CIT vide his order u/s.263 dated 29.03.2010 concluded that the assessment order dated 24.12.2007 was erroneous and prejudicial to the interest of the revenue in so far as the A.O had omitted to bring to tax the undisclosed income of the assessee amounting to ₹ 2,17,50,000/-. The CIT set aside the order dated 24.12.2007 and directed the AO to pass a fresh assessment order after examining the above issues in deta .....

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tal income of the assessee and the revised total income of the assessee was determined at ₹ 3,06,87,960/-. 4. Before the CIT(A), assessee challenged validity of assessment order on the plea that it was barred by a period of limitation. Merit of addition was also challenged. In the A.Y.2008-09 also assessee has challenged validity to the Assessment Order on the ground of limitation period. The CIT(A) rejected assessee s contention after observing as under:- "The appellant's case wa .....

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ad raised this ground in A Y.2007-08 also and the CIT(A)- 41 vide his order No.CIT(A)-41/DCCC-32/IT-766/09-10 dated October 1, 2010 had discussed this issue threadbare and had decided against the appellant. Since there is' no change in facts, following the order of the CIT(A)-41 and for the reasons mentioned above, the ground of the appellant is dismissed". 5. Considering the reasoning and finding given by the CIT(A) as reproduced above, we do not find any merit in the contention of the .....

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that the AO completed the consequential assessment proceedings vide his order dated 29.12.2010. The CIT(A) rejected assessee s contention after observing as under:- 5.3.1 I have considered the submissions of the appellant and perused the materials on record. As per Section 153(2A) read with the second proviso, the period of limitation for passing the fresh assessment order was available up to 31.12.2010, whereas the impugned order is seen to have been passed on 29.12.2010. It is observed that i .....

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of proof of service of notices, a fact cannot be disregarded that the assessment proceedings for A.Y.2008-09 were simultaneously being carried out in case of the assessee, wherein notices for A. y's2005-06 and 2008-09 of same dates were sent to the assessee in common envelopes from time to time. Further attention is invited to the case records of the assessee for A. Y.2004-05 wherein the assessee had resorted to a similar stand of non-service of notice u/s.143(2), which was reiterated by him .....

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ble CIT(A) for A. Y. 2008-09 similar ground of limitation was taken by the assessee in appeal filed by him for A. Y.2008-09 for order passed u/s.143(3) of the Act dated 29.12.2010 and the said ground was dismissed by the Hon'ble CIT(A) .... The relevant para is reproduced as under: "6.1 I have considered the submissions of the appellant and called for the assessment records and verified that the assessment order was dispatched by Speed Post on December 29.10.10 itself. Therefore, the or .....

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ime the said pleas of the assessee has neither been found to be good in facts nor in law. Again in the impugned order, the assessee has resorted to the same pleas and such a repeated baseless act can only be regarded to be causing delay in judicial proceedings. Since the assessment order was served to the assessee well within the period of limitation, the appeal filed by the assessee is beyond the period allowed u/s. 249 of the Income Tax Act, 1961, the Hon'ble CIT(A) is requested not to con .....

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ginal despatch registers, backdating of proceedings etc. It is alleged that the AO has "falsely created records to show that he had passed and sent the assessment order within the period of limitation". It is stated that the appellant has already filed complaints with the DGIT (Vigilance), New Delhi with a request to carry out an investigation in the matter. It is also urged that the case may be entrusted to the CBI as it involves serious offences like forgery, tampering of official re .....

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ampering of official records etc. (which are offences under the IPC) against the AO. If the appellant has any such grievance, he has to seek his remedies elsewhere. As far as the issue under appeal is concerned, it is observed from perusal of the remand report that the impugned order has been passed well within the period of limitation on 29.12.2010 and the document evidencing its despatch by way of speed post on the same day has- been found by the AO to be available in the file for AY.2008-09. .....

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see during proceedings before us to persuade us to deviate from the above findings. Accordingly this ground of assessee is also dismissed. 8. While giving effect to the order of CIT(A) u/s.263, the AO had computed revised total income at ₹ 3,06,87,960/-. By the impugned order, CIT(A) confirmed the addition after observing as under: 6.3.1 I have considered the submissions of the appellant and perused the materials on record. At the outset, it needs to be made clear that the A.O. has made ad .....

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orded on 12.12.2004 based on incriminating materials impounded in the course of survey at his premises, as brought out above. It would be pertinent to refer to the following extracts of his statement recorded during the course of survey:- "Question No. 6: Perusal of bank statement reveals that maximum amount of cash deposited on a single occasion was on 6/12/2004 and the amount was ₹ 2,17,50,000/-. As per your statement this entire amount appears to be your unaccounted cash balance. W .....

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statements of the appellant recorded in the course of search/survey shows that the appellant has accepted the following facts:- That M/s. Essjay Incorporation has an account No.0060460000320 in the HDFC Bank, Worli Branch, Mumbai; • That he had got this concern registered with the HOFe Bank for bullion trade; • That he had deposited cash of ₹ 2,17,50,000/- (peak amount) in the said bank account which represented his undisclosed income for the F.Y. relevant to the AY. under consi .....

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got great evidentiary value [ACIT v, Jaqat Explosives 98 ITD 50 (Jd)(TM)}. Under these circumstances, no fault can be found with the action of the AO in making the addition of ₹ 2,17,50,000/- based on the admission made by the appellant in his statement recorded during the course of survey u/s.133A upon being confronted with the incriminating materials impounded from his premises. The action of the AO in making addition of ₹ 2,17,50,000/- as undisclosed income of the appellant canno .....

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in the course of his statement u/s.132(4) stated that this cash belonged to the assessee. Based on this information, survey action u/s.133A was conducted at the office premises of the assessee on the same date, ie.,12.12.2004. During the course of survey, the assessee in his statement on oath recorded by the DDIT(Inv.), Unit-Ill, Mumbai admitted that cash of ₹ 1,23,46,500/- recovered from the possession of Shri Mangilal Devashi represented the assessee's income from unexplained source .....

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corporation is proprietary concern of Mrs. Sangeeta Jain, wife of Shri Mukesh Jain who happens to be cousin brother of the assessee. The assessee had undertaken to bifurcate his offer of undisclosed income of ₹ 2,17,50,000/- in two years, but it is seen from the record that the assessee never disclosed the said amount in his return for the A.Y. under consideration. The facts narrated above have been culled out from the order of CIT(A), Central VIII, Mumbai dated 12.11.2007 in case of the a .....

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as recorded u/s.131 on 11.12.2004 at the time of search and another sworn statement was recorded on 12.12.2004 in the course of survey. 10. Furthermore, the assessee in his statement recorded u/s, 133A of the Act on 12.12.2004 had accepted that an amount of ₹ 2,17,50,000/- deposited in HDFC bank account was his unexplained money/undisclosed income which was offered to tax in the A.Y. under consideration. However, later it was noticed that the assessee had not declared this amount as income .....

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ment given by him was wrong which is not the situation in the instant case. The statement of Mr. Mangilal Devashi was recorded u/s.132(4) of the Act which has got evidentiary value and as per that statement also, the amount was given by the assessee who had accepted it as his concealed income. As regards the statement made by the assessee during the course of survey, the CIT(A), Central VIII, Mumbai in his aforesaid order in case of the assessee for AY.2004-05 has held that "the statement o .....

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s. Assessee is also aggrieved for disallowance made under Rule 8D and for disallowance of 20% of motor car expenses. The AO also treated SPCG of ₹ 80,33,589/- as business income. By the impugned order CIT(A) confirmed the additions against which assessee is in further appeal before us. 12. We have considered rival contentions and from the record, we found that in the course of assessment for A.Y.2006-07. The Assessing Officer has noticed that in the assessment year passed u/s. 143(3) for A .....

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en show cause notice to explain the interest accrued on KVP, FDs loans and advances. However, no explanation was filed. From the record, we found that in terms of documents found during course of survey u/s.133A, the AO found that assessee has not disclosed interest accrued on KVPs, investment in FDs, loans and advances and interest of loan advance to Shri M Joshi. Accordingly AO calculated interest on these deposits / investment / KVP and made the addition. No explanation was filed by assessee .....

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iven by the appellant, order of the Assessing Officer and the facts of the case. In brief of that the appellant has shown dividend income of ₹ 4,35,458/- and dividend of ₹ 2,557. No expenditure has been debited to the profit and loss account relating to the earning of this income. The Assessing Officer has made the disallowance of ₹ 3,34,788/- by computing the expenditure as per provision of section 14A r.w.s.8D and relied on the decision of M/s. Daga Capital Management Pvt.Ltd .....

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ctive. In this decision, the Hon'ble Bombay High Court has held that the AO shall determine as to whether the assessee has incurred any expenditure (direct or indirect) in addition to dividend income/income from mutual funds which does not form of the total income as contemplated u/s. 14A. The AO can adopt reasonable basis for effecting apportionment, while making that determination the AO shall provide a reasonable opportunity to the assessee for producing its accounts and relief or German .....

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ing expenditure as per Section 14A in respect of dividend income of ₹ 4,35,458/- Since, assessment year involved is 2006-07 which is prior to insertion of Rule 8D, therefore, we direct the AO to restrict the disallowance u/s.14A to the extent of 5% of the dividend income. We direct accordingly. 15. With regard to treatment of short term capital gain as business income, the CIT(A) observed that from the computation of income and details filed before the Assessing Officer, it was noticed tha .....

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ransactions have run into crores of rupees and loans have been received of ₹ 2,74,08,904/- and repaid loan of ₹ 2,53,07,487/- during the year. The assessee has also paid interest of ₹ 17,84,7091- on these loans. The Assessing Officer has also given share transactions in tabulated form at page 2 of the assessment order. In view of the volume of the share transactions and other circumstances, the Assessing Officer has given show cause notice to the assessee to explain why the sha .....

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consideration, assessee has dealt in shares of 313 companies and the transactions have been made in crores of rupees. The appellant has also raised fresh loan of ₹ 2,74,08,904/- for the share transactions and also repaid loan of ₹ 2,53,07,4871-. The interest of ₹ 17,84,7091- was paid on the borrowed funds utlised in the share transaction. The volume of transactions with different brokers as given in tabulated form on page 2 of the assessment order shows debit transactions of & .....

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bstantiate its claim except technical ground that the Assessing Officer has not given opportunity while treating the profit of share transactions as business income in place of STCG claimed in the return. Thus objection raised by the appellant is without any basis because the Assessing Officer has given opportunity vide order sheet noting dated 11.12.2008 and in response to this show cause notice the appellant submitted its reply dated 2.12.2008 which is reproduced at page 3 of the Assessing Off .....

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of ₹ 2,74,08,904/- for share transactions and paid interest of ₹ 17,84,709/- on these loans. The other argument of the appellant that the share transactions shown as investments in the balance sheet is also not tenable because share transactions made by the appellant are so frequent thus were never shown as investments or stock in trade in the balance sheet 90% of the transactions made during the year under consideration were holding of shares for period less than 10 days. It clearly .....

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71/- and loss of ₹ 30,37,651/-. Thus keeping in view the totality of the facts that the appellant has made share transactions of ₹ 11,36,54,971/- by dealing in shares of 313 companies through nine brokers. The appellant has also raised loans of ₹ 2,74,08,904/- and paid interest of ₹ 17,84,709/for the share transactions. All the sale/purchase of shares was made within 10 days of the purchase. More than 90% of transactions were taken place in few days and few weeks only. Th .....

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nce of certain elements in the activity of an assessee which would invest it with the character of business. According to well established interpretation of word "business" as found in taxing statutes, it in the sense of an occupation of profession which occupies the time, attention and labour of a person normally with the object of making profit. To strengthen his view, reliance is placed on the following decisions: CIT vs. Motlay Finance (P) Ltd. 290 ITR 719(MP) OCIT vs. Smt. Oeepabe .....

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nd every script dealt with by the assessee, its magnitude turn over and the frequency of purchases and sales and thereafter arrived at a conclusion that assessee s claim of short term capital gain was not correct and held the same as business income. The detailed finding so recorded by CIT(A) has not been controverted by learned AR by bringing any positive material on record, accordingly we do not find any reason to interfere in his findings. ITA NO.8274/Mum/2011 (A.Y.2008-09):- 18. In this appe .....

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on account of deemed rent. 19. Disallowance made u/s.14A of ₹ 14,75,018/- was confirmed by CIT(A) after observing as under:- In the instant case, the AO has applied the Rule 8D which was in force for the AY 2008-09. In this regard the decision of Mumbai High Court in Godrej & Boyce Mfg. Co. Ltd. Mumbai vs Dy. Commissioner Of Income Tax delivered on 12 August, 2010 is relevant. The conclusion or the judgment is in para 74 which is as under: 74, Our conclusions in this judgment are as f .....

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mpany under Section 1150(1) of additional income tax on profits declared, distributed or paid is a charge on a component of the profits of company. The company is chargeable to tax on its profits as a distinct taxable entity and it pays tax in discharge of its awn liability and not on behalf of or as an agent for its shareholders. In the hands of the shareholder as the recipient of dividend, income by way of dividend does not form part of the total income by virtue of the provisions of Section 1 .....

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with effect from 24 March 2008 shall apply with effect from Assessment Year 2008-09. vi) Even prior to Assessment Year 2008-09, when Rule 8D was not applicable, the Assessing Officer has to enforce the provisions of sub section (1) of Section 14A. For that purpose, the Assessing Officer is duty bound to determine the expenditure which has been incurred in relation to income which does not form part of the total income under the Act. The Assessing Officer must adopt a reasonable basis or method .....

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Section 14A. The Assessing Officer can adopt a reasonable basis for effecting the apportionment. While making that "determination, the Assessing Officer shall provide a reasonable opportunity to the assessee of producing its accounts and relevant or germane material having a bearing on the facts and circumstances of the case. 9. It can be seen from the above that the Hon'ble Bombay High Court has clearly held that Rule 8D will apply from AY 2008-09. Hence, the stand of the AO is upheld .....

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.04.2015 3) Essar Properties Ltd v. DCIT (ITA No: 423/Mum/2015) for AY. 2009-10 dated 19.07.2016 4) M/s Slyvex Cable Co. Pvt. Ltd. v Dy.CIT being ITA No: 8581/Mum/2011 for AY. 2008-09 dated 24.02.2016 5) M/s Global Capital Ltd v ACIT being ITA No: 6586/Del/2013 for AY. 2009-10 dated 27.11.2015 6) DCIT v. DCM Ltd being ITA No: 4467/Del/2012 for AY. 2009-10 dated 01.09.2015 7) M/s Daga Global Chemicals v. Asst. CIT being ITA No: 5592/Mum/2012 dated 01.01.2015 Accordingly, we direct the AO to restr .....

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lasha CHS Ltd., Mumbai was a self occupied property. Accordingly, the assessee was asked vide letter dated 12.12.2011 to show cause as to why the bungalow at Deolali and the shop at Ahmedabad should not be treated as deemed let out properties within the meaning of provisions of Section 23(4) of the Act. The assessee vide letter dated 15.12.2011 claimed that his shop in Ahmedabad and the house in Deolali were in bad, dilapidated and un-tenantable condition and that these remained vacant and no re .....

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ouses had been let. Hence, it was held that the bungalow at Deolali and the shop at Ahmedabad were liable to be treated as deemed let out properties. It was observed that the assessee had not shown any rental income from the Deolali bungalov as well as the Ahmedabad shop. AO followed reasoning given in the Assessment Year 2007-08 and 2008-09 and added ₹ 1,68,000/- to total income of the assessee on account of rent from those properties. 24.The assessee had furnished copy of the Purchase De .....

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dered the submissions of the appellant and perused the materials available on record. The issue for consideration is determination of annual letting value (AL V) of the house at Deolali and the shop at Ahmedabad. It is observed from the record that even in the earlier AY.s 2007-08 and 2008-09, the ALV of the house at Deolali was assessed at Rs.l,68,000/-. It is also observed that my predecessor has vide his order for AY.2007-08 dated 01.10.2010 upheld the action of the AO in computing ALV of the .....

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at the appellant does not have a consistent or coherent stand. On the one hand, it is claimed that the said shop is in a bad, dilapidated and un-tenantable condition which remained vacant during the period and on the other hand, it is said to have been used for the purpose of business of the appellant. There is nothing on record to indicate that the appellant is carrying on any business at Ahmedabad. In view of the above discussion, I do not find any legal or factual error or infirmity in the ac .....

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s of lower authorities. Accordingly we do not find any reason to deviate from the findings recorded by lower authorities. 27. Assessee is also aggrieved for disallowance of ₹ 29,96,180/- u/s.14A read with Rule 8D. From the record, we found that the assessee had earned certain incomes to the tune of ₹ 5,75,408/- which do not form part of total income. These included dividend on shares of ₹ 2,74,685/-, dividend on mutual funds of ₹ 18,791/-, refund on maturity of ULIP of &# .....

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nt AY. It was claimed that investments in these securities had been made out of the assessee's capital account and no interest had been paid on borrowed amounts for the purpose of making the said investments. However, the AO did not find the explanation the assessee to be acceptable. According to the AO., Section 14A(2) automatically comes into play if the assessee contends that no expenditure has been incurred by him to earn the exempt income. Therefore, the AO. was satisfied that the provi .....

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appellant and perused the materials available on record including copies of the judicial decisions relied upon by the appellant. It is an undisputed fact that the applicant is in receipt of tax free incomes of ₹ 5,75,408/-. The appellant is found to be having investments in shares to the tune of ₹ 2.49 crores. It is also observed that the appellant has incurred interest expenditure of ₹ 22,90,139/- on secured as well as unsecured loans taken by it. It is also observed that the .....

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it is clear that the AO was justifiably not satisfied with the correctness of the claim of the appellant that it had incurred nil expenditure in relation to incomes not forming part of total income under the Act. After examining the facts of the case and having regard to the accounts of the appellant, the AO is found to have duly recorded his satisfaction in regard to the incorrectness of appellant's claim of 'nil' disallowance u/s.14A Thus, I do not find any error or infirmity in th .....

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4A have been laid down:- a) Whether or not any expenditure was incurred by the assessee in relation to the earning of non taxable income falls within the domain of the AD. The fact that the assessee has utilised its own funds in making the investments would not be dispositive of the question as to whether the assessee had incurred expenditure in relation to the earning of such income. Even if the assessee has utilised its own funds for making investments which have resulted in tax free income, t .....

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iew of the legal position enunciated above, the submissions made by the appellant to the extent these are not in line with the said position cannot be accepted. In CIT v. Walfort Share & Stock Brokers (P) Ltd. 326 ITR 1 (SC), the Hon'ble Supreme Court made it very clear that the permissible deductions enumerated in Section 15 to 59 are now to be allowed only with reference to the income which is brought under one of the heads of income and is chargeable to tax. The Hon'ble Apex Court .....

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essee to establish before the AO. that there is no nexus between the exempt income and the interest expenditure incurred ACIT v. Transformers & Rectifiers (1) Ltd. (2012) 32 CCH 033 (Ahd.) (Trlb)). The appellant has not demonstrated with the help of cogent materials and evidences that the interest bearing funds have been utilized wholly and exclusively for the purpose of earning taxable income and that no part thereof has been diverted for making investments yielding tax free income. In the .....

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ssessee. The mere fact that those shares are old ones and not acquired recently is immaterial. It is a matter of record that the appellant is not maintaining separate accounts for the purpose of exempt income. Nor has he given one to one co-relation between the funds available and the funds deployed. In view of the failure of the appellant to discharge the said onus, the AO. was correct in holding that proportionate amount of interest payable by him is to be disallowed, having regard to the inve .....

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und that the expenditure incurred and claimed by the assessee had direct nexus with his professional income rather than any tax exempt income. However, no such finding has been reached in the present case. The appellant has not placed on record copies of unreported decisions in the cases of Esquire Pvt. Ltd. and Tarun Chandmal lain cited supra and so it is not possible to ascertain their relevance in the context of the present case. The decision in case of Champion Commercial Co. (supra) is actu .....

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ount disallowable u/s.14A, because the A.O. has not automatically invoked Rule 8D but has duly followed the mandate of Rule 8D as he was not satisfied with the correctness of the appellant's claim. In view of the above discussion, the action of the AO. in making disallowance of ₹ 29,96,180/u/s.14A r.w. Rule 8D is found to be justified and the same is accordingly upheld. Ground No.4 taken up by the appellant is accordingly dismissed. 29. Assessee is in further appeal before us. 30. We h .....

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4) M/s Slyvex Cable Co. Pvt. Ltd. v Dy.CIT being ITA No: 8581/Mum/2011 for AY. 2008-09 dated 24.02.2016 5) M/s Global Capital Ltd v ACIT being ITA No: 6586/Del/2013 for AY. 2009-10 dated 27.11.2015 6) DCIT v. DCM Ltd being ITA No: 4467/Del/2012 for AY. 2009-10 dated 01.09.2015 7) M/s Daga Global Chemicals v. Asst. CIT being ITA No: 5592/Mum/2012 dated 01.01.2015 31. Accordingly, we direct the AO to restrict the disallowance to the extent of exempt income which is to the tune of ₹ 5,75,408/ .....

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behalf of the assessee that the impugned order has been passed by the AO without considering current year loss of ₹ 1,30,69,693/-. It is pointed out that after taking into account the said loss, there will be no demand. It is also submitted that the unabsorbed losses may be allowed to be carried forward. 33. By the impugned order CIT(A) confirmed the action of the AO after observing as under:- 8.3.1 I have considered the submissions of the appellant and perused the materials available on r .....

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nd the guidelines laid down in this behalf in the CBDT Circulars issued from time to time. For this purpose, the entire pattern of the appellant's dealings in shares, whether delivery-based or otherwise, has to be closely scrutinized and analyzed. However, such an exercise cannot be carried out for want of complete (scrip-wise) details and evidences viz., contract notes, demat account, broker's account, bank statement etc. It is observed from the record that the appellant has not furnish .....

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accordance with law. Even in the course of appellate proceedings, the appellant has not furnished the necessary details/ explanation/ submissions supported by documentary evidences. Thus, the appellant has not been able to discharge the onus cast upon him in this regard and his claim for carrying forward the said loss of ₹ 33,12,375/- cannot be allowed. 8.3.2 As regards his claim for carry forward of loss from derivatives business/ F&O trading in shares amounting to ₹ 58,60,962/ .....

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the above position, the claim of the appellant for carrying forward the said loss on derivatives/F&O transactions amounting to ₹ 58,60,962/- for being set off against business profits in subsequent years cannot be allowed. 8.3.3 Finally, the appellant has claimed short term capital loss of ₹ 38,96,356/- on sale of shares. It is observed from the record. that scrip-wise details have been furnished along with the computation of income annexed to the return of income filed by the a .....

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