9911796707
TMI Blog2013 (5) TMI 443X X X X Extracts X X X X X X X X Extracts X X X X ..... facts by the AO. Considering the request of the assessee's Counsel to remand the issue to the files of the AO for fresh adjudication - grounds raised by the assessee are partly allowed for statistical purposes. - I.T.A. NO.1890/M/2012 - - - Dated:- 5-4-2013 - Shri D. Manmohan And Shri D. Karunakara Rao,JJ. For the Appellant : Shri Haresh P. Shah For the Respondent : Shri D. K. Sinha, DR ORDER Per D. Karunakara Rao, AM:- This appeal filed by the assessee on 20.3.2012 is against the order of CIT (A)- 35, Mumbai dated 2.1.2012 for the assessment year 2008-09. 2. In this appeal, assessee raised the following grounds which read as under:- "1. On the facts and in the circumstances of the case and in law the CIT (A) erred ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... DEMAT charges and Membership Subscription, Ld Counsel mentioned that the same are not pressed. Accordingly, the same are dismissed as not pressed. Thus, the issue relating to disallowance of interest of Rs. 14,51,949/-is alone left for adjudication in this order. 4. During the assessment proceedings, AO noticed that the assessee claimed set off of various expenditure amounting to Rs. 14,70,224/- against the short term capital gains before arriving at the net short term capital loss claimed in the return. In this regard, AO called for the details establishing the nexus and justifying the claim of such set off of expenditure against the capital gains. In response, assessee could not substantiate the same and no details were filed. Accordin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... res. There is no material on record to show as to whether the assessee has incurred interest on the money borrowed for the purchase of such shares. It is settled law that interest paid by the assessee on the money borrowed for purchase of shares is a part of cost of acquisition and the same is allowable. However, in the case before us there is no material on record to show that the issue has been examined in the light of the said principle, therefore, in the interest of justice we consider it fair and reasonable the matter should go to back to the files of the AO and accordingly we set aside the orders passed by the Revenue Authorities on this account and send back the matter to the file of the AO to examine the issue afresh in the light of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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