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TMI Blog2013 (1) TMI 882X X X X Extracts X X X X X X X X Extracts X X X X ..... salary, house property, loss under the head profit/gains of business, capital gain and income from other sources. During the course of assessment proceeding it was inter alia observed by the A.O. that the assessee has shown short term capital gain on sale of shares of ₹ 30,10,828/-and against the said short term capital gain the assessee has claimed following expenses:- Interest paid on loan Rs.16,45,880/- Processing fees Rs.6,726/- Demant charges Rs.12,142/- Membership subscription Rs.7,047/- Rs.16,71,795/- On being asked ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot accept the assessee s explanation on the ground that the said expenses are not allowable under the head income from other sources . Accordingly the A.O. completed the assessment at an income of ₹ 39,26,400/- vide assessment order dtd.18-12-2009 passed u/s 143(3) of the Act. On appeal, the ld. CIT(A) while agreeing with the views of the A.O. confirmed both the disallowances made by the A.O. 3. Being aggrieved by the order of the ld. CIT(A) the assessee is in appeal before us. 4. Ground No. 1 is against the sustenance of disallowance of various expenses of ₹ 16,71,795/-. 5. At the time of hearing, the ld. counsel for the assessee submits that at this stage he is pressing only the sustenance of of disallowance of inter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... we set aside the orders passed by the Revenue authorities on this account and send back the matter to file of the A.O. to examine the issue afresh in the light of our observations hereinabove and according to law after providing reasonable opportunity of being heard to the assessee. The ground taken by the assessee is, therefore, partly allowed for statistical purpose. 8. Ground No. 2 is against the sustenance of disallowance of professional fees of ₹ 12,000/-. 9. At the time of hearing the ld. counsel for the assessee while reiterating the same submissions as submitted before the A.O. and ld. CIT(A) further submits that the disallowance of ₹ 12,000/- made by the A.O. and sustained by the ld. CIT(A) be deleted. 10. On ..... X X X X Extracts X X X X X X X X Extracts X X X X
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