TMI Blog2023 (10) TMI 1021X X X X Extracts X X X X X X X X Extracts X X X X ..... lso perused the profit and loss account filed by the assessee before us and find that the assessee has charged to the profit and loss account, the loss from trading of shares which is in agreement with the contract notes filed by the assessee. While filing the return, we note that the assessee has not claimed this loss and therefore, there is no question of disallowance of loss or addition of loss when the same is not claimed in the computation of income. AO has wrongly appreciated the facts of the case which is also in appellate proceedings by Ld. CIT(A) - direct the AO to delete the addition. Therefore, ground no. 1 raised by the assessee is allowed. Interest on unsecured loans disallowed - CIT(A) simply affirmed this addition o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he amount of Interest of Rs. 2,05,000/- on the unsecured loan of Rs. 37,42,250/-. 3. The issue raised in ground no. 1 is against confirmation of addition of Rs. 6,63,623/- by Ld. CIT(A) as made by the Assessing Officer (in short ld. 'AO') on account of purchase of forward transactions of Future/option through National Stock Exchange without considering the sale of future/option. 4. The facts in brief are that the AO during the course of assessment proceedings observed that the assessee made purchases through National Stock Exchange of future/option of Rs. 8,72,352/- and effected sale to the tune of Rs. 2,08,731/- thereby carrying forward the future options to the next year to the tune of Rs. 6,63,623/-. The AO, on this bas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 1 raised by the assessee is allowed. 6. The issue raised by the assessee in ground no. 2 is against the confirmation of addition of Rs. 2,05,000/- by Ld. CIT(A) as made by the AO by disallowing the interest on unsecured loans. 7. The facts in brief are that the AO has disallowed the interest charged in the profit and loss account of Rs. 2,05,000/- without making any discussion for making the said disallowance which according to the AO is of personal in nature. Ld. CIT(A) simply affirmed this addition on the same ground that the loan was taken for the personal purposes without taking into account the contentions and submissions of the assessee and facts available on records. 8. After hearing the rival contentions and perusing the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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