9911796707
TMI Blog2017 (3) TMI 901X X X X Extracts X X X X X X X X Extracts X X X X ..... 2 as mentioned in the memo of appeal are required consideration by this court, which reads as hereunder: "(1) Whether the Hon'ble ITAT is correct on facts and in law in holding as Long Term Capital Loss on sale of shares in place of business income being shares held as stock in trade by the assessee. (2) Whether the Hon'ble ITAT is correct on facts and in law in allowing the membership fee & annual subscription expenses which do not pertain to business activities and pertain to personal expenses of Defendants/respondents. B.K. Modi, as per provisions of Section 37(1) of IT Act. We have heard Shri Praveen Kumar, learned counsel for the appellant and Shri P.K. Mishra, learned counsel for the assessee and have perused the material ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al on record to show that the shares which were shown by the assessee as the investment in the balance sheet in the AY 1993-94 and 1994-95 and accepted as such in the assessee made was stock in trade of the assessee in the year of sale. The revenue also could not show by bringing relevant and cogent material on record that the intention of the assessee at the time of purchase of these shares was not to hold them as investment but to deal in the sale and purchase of these shares. The assessee through its balance sheet and auditor's report for AY 1993-94 and 1994-95 has shown that the shares were held as investment and that they were valued at cost. If these shares had been held as stock in trade by the assessee and as claimed by the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... same insofar as the Tribunal specifically recorded that the revenue has not placed any evidence to suggest that the assessee was engaged in trading of shares especially in view of the fact that in respect of the shares in question the assessee had claimed to have held these shares as investment from the very beginning It is permissible for an assessee to have two accounts; one for trading of shares and other for investment. In the absence of any material being brought on record by the revenue to suggest that the Long Term Capital Gain claimed by the assessee was not in respect of trading of shares, the findings recorded by the Tribunal does not call for any interference by this Court. On the other issue of business expenses also, there is ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
