TMI Blog2020 (3) TMI 1272X X X X Extracts X X X X X X X X Extracts X X X X ..... de by the assessee is not a business transaction but rather it is an investment made by assessee to earn capital gains and the same is to be considered for taxation under the head 'Capital Gains'. As observed that the assessee is a company and not an individual and there is no question of any personal loss in the case of the company as it could not been shown that this transaction is for the benefit of the Directors or the shareholders and hence we held it to be capital investment, income and loss are to be brought to tax under the head 'capital gains'. So far as locker rent is concerned, the assessee is a corporate entity and it is claimed that the documents and other valuables were kept in the locker for safe custody. W ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) has erred in confirming the disallowance of loss of ₹ 21,70,387 incurred by the appellant in silver trading stating that the appellant was required to produce the books of account before him to prove the silver transaction which he has never asked for. He has ignored the fact that full details of silver transaction was given in the written submission before him and also the fact that the assessment was made u/s. 143(3) after scrutiny and the books of accounts were produced before the Assessing officer with supporting evidence for loss incurred in silver trading. 4. The CIT(A) is not justified in not accepting the plea of the appellant that the silver trading transaction entered by the appellant is Adventure in the nature of Tr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... um of Association are to trade in silver and hence the aforesaid loss be allowed as capital loss. Both the authorities below rejected the contention of the assessee and have come to the conclusion that these are personal loss and cannot be allowed as deduction. The assessee also claimed as alternative plea that the said loss may be allowed as capital loss which plea was also rejected by authorities There is another disallowance to the tune of ₹ 9,970/- towards locker rent as business expenses which was also disallowed by the authorities below although the assessee stated that the said locker was maintained for keeping the property documents and valuables. Thus, both the authorities viz. AO as well learned CIT(A) dismissed the claim of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... completion of this transaction of sale of silver bar on 16.02.2020. In our considered view, based upon entire material on record, said investment made by the assessee is not a business transaction but rather it is an investment made by assessee to earn capital gains and the same is to be considered for taxation under the head 'Capital Gains'. We have also observed that the assessee is a company and not an individual and there is no question of any personal loss in the case of the company as it could not been shown that this transaction is for the benefit of the Directors or the shareholders and hence we held it to be capital investment, income and loss are to be brought to tax under the head 'capital gains'. So far as locker ..... X X X X Extracts X X X X X X X X Extracts X X X X
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