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TMI Blog2013 (10) TMI 292X X X X Extracts X X X X X X X X Extracts X X X X ..... rectly these items in capital account instead of in P&I account and thus not routing share trading account through audited account under section 44AB cannot furnish a ground to disregard overwhelming legally acceptable evidences to reject the claim of assessee – Decided against the revenue. - Tax Appeal No. 820 of 2013 - - - Dated:- 4-10-2013 - M. R. Shah And Sonia Gokani,JJ. For the Appellant : Mrs. Mauna M. Bhatt, Advocate ORDER (Per : Honourable Ms. Justice Sonia Gokani) [1.0] Challenging the order of Income Tax Appellate Tribunal ( Tribunal hereinafter) dated 04.01.2013, present tax appeal under section 260A of the Income Tax Act, 1961 ( Act hereinafter) is preferred proposing the following substantial question of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... forementioned question of law. [4.0] We could notice that the CIT(Appeals) in its elaborate reasonings noted that a consistent method of computation of income/loss was followed by the assessee from the earlier year. It of course noted that both F O losses and the share trading along with the OD interest were not to be debited directly in the capital account, but, in consolidated P I account of the appellant. However, considering otherwise many substantiating documents particularly the audited capital account, copies of account from the broker s book, the support received from the stamped contract notes issued by the brokers containing unique client code and the PAN of the respondent assessee, it concluded that such activity were incorpora ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re loss, the appellant had not submitted any evidence whether any delivery of share has been taken or not. Whereas, the loss on future trading claimed by the appellant at Rs.40,43,471/for which supporting evidence with time stamped contract notes issued by the brokers containing unique client code and PAN of the appellant, had been submitted by the appellant before the A.O. The appellant has shown the unsecured loan for this purpose from M/s. Financial Products Ltd. at Rs.70,05,438/in the balance sheet. From A.Y. 200506, u/s 43(5), the future and option transaction had been excluded from the purview of speculation; if the transactions are carried out at recognized stock exchange and time stamped contract notes were issued. The appellant had ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ty on account of the sales tax determined to be payable by the sales tax authorities on the sales made by it in a particular calender year. The sales tax demand was raised pending the assessment under the Act for that year. The claim of the assessee was rejected for deduction of that amount by the Income Tax Officer on the ground that the assessee had contested the sales tax liability in appeals and that it had made no provision in the books with regard to the payment of that amount. The Apex Court in such circumstances had held that whether the assessee is entitled to a particular deduction or not will depend upon the provision of law relating thereto and not on the view which the assessee might take of his rights nor the existence or abs ..... X X X X Extracts X X X X X X X X Extracts X X X X
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