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TMI Blog2016 (6) TMI 1050X X X X Extracts X X X X X X X X Extracts X X X X ..... FOR THE OPPONENT : MR MANISH J SHAH, ADVOCATE ORAL JUDGMENT (PER : HONOURABLE MR.JUSTICE KS JHAVERI) 1. Being aggrieved and dissatisfied with the impugned order passed by the Income Tax Appellate Tribunal, Ahmedabad Bench 'B' (hereinafter referred to as ITAT) dated 19.01.2007 in ITA Nos. 2225, 2227 & 2226/Ahd/2006 for the Assessment Year 2002-03, the revenue has preferred the present Tax Appe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 31.03.1996 the shares of N.K. Industries were converted into stock in trade. The CIT(A) reversed the finding of Assessing Officer. 4. On appeal before the ITAT, by impugned order, ITAT reversed the finding of the CIT(A) and allowed the appeals filed by the assessee. Being aggrieved and dissatisfied with the impugned order passed by the ITAT, the revenue has preferred the present Tax Appeals for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Tax Appeal No. 1025 of 2005 wherein this Court has confirmed the order dated 09.09.2004 passed by the Tribunal in ITA No. 1313/Ahd/2000 and 444/Ahd/2003 in the case of M/s. N.K. Estate Developers Pvt. Ltd. He submitted that the said order dated 09.09.2004 has been relied upon by the Tribunal in the present case in setting aside the order of CIT(A). 7. Having heard learned advocates for both the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ere acquired out of the borrowed funds and there was no dispute on this count. However, the assessee could not succeed, according to Tribunal, in its claim of being a dealer in shares, for the simple reason that the shares were acquired out of the promoters' quota which had a five year lock-in period, and therefore, no dealer would acquire shares which could not be traded in the market for a p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mpany but was an investment simplicitor. 6 In these circumstances, there is no infirmity in the impugned order of Tribunal allowing deduction of interest paid on borrowed funds which have been found to have direct nexus with the investment made for acquisition of shares. In the result, in absence of any substantial question of law, the appeal is dismissed." 8. In view of the above, the question ..... X X X X Extracts X X X X X X X X Extracts X X X X
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