2015 (10) TMI 1405

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..... der dated 11/11/2013 by the learned CIT(A), Central, Jaipur for A.Y. 2009-10. The sole ground of appeal raised is as under:- "1. Under the facts and circumstances of the case, the learned CIT(A) has erred in confirming the addition of Rs. 90,683/- on account of "Interest paid to Bank" without consideration the submission of the assessee and material evidences submitted during the assessment proce .....

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..... ment in IPOs. The small element of interest attributable to purchase of IPO shares will become part of cost of such shares, as the income thereof is also offered as short term capital gains, consequently no adverse view can be adopted in this regard. 3. The learned CIT(A) without rebutting the overdraft interest utilization break up, summarily held that nexus is not proved by assessee, which is c .....

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..... essee on merits." 4. Learned DR supported the orders of the lower authorities. 5. I have heard the rival submissions of both the parties and perused the material available on the record. It emerges from the record that the assessee provided breakup of overdraft interest utilization before lower authorities. Without rebutting the same, it has been held that the assessee has not established the ne .....

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