9911796707
TMI Blog2021 (1) TMI 639X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee are as under: "1. The Ld. CIT(A) having accepted that the appellant had initiated legal proceedings in the court and has filed a complaint with EOW against Mrs. Madhu jhunjunwala erred in law in upholding the order passed by the Dy. CIT (AO) making an addition of Rs. 88,08,743/- on account of accrued interest on loan given to Mrs. Madhu Jhunjunwal by further holding that the appellant had not brought on record the latest position of the suit filed by them. 2. The appellant prays that the addition on account of accrued interest of Rs. 88,08,743/- as made by the AO and as upheld by the Ld. CIT(A) may be deleted. 3. The Ld. CIT(A) erred on facts and in law in upholding the addition made by the AO u/s 68 with respect to the loan t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Mrs. Madhu Jhunjhunwala for investment purpose for a period of six months. As per the resolution, the money has to be invested in the equity shares at the discretion of Mrs. Madhu Jhunjhunwala and should yield minimum return of 20% of the investment. Whereas,the A.O wants to tax the estimated interest on such investments. The assessee has filed a detailed reply on 06.022010 explaining that the company has not received any money by way of interest or dividend nor the investment amount was returned by the Mrs Madhu Jhunjhunwala. Further, the assessee company has initiated legal proceedings in the court of law and filed complaint with Economic Offence Wing against the party Mrs Madhu Jhunjhunwala for the return of principal amount, interest an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... report. In respect of addition u/s 68 of the Act unexplained cash credits of Rs. 5, 55,000/-. The assessee has obtained the unsecured loans from two persons Mr R. Ramnlal Rs. 50,000/- and Mr Manek Sukhadwall Rs. 5,00,000/-. The matter was remanded to the A.O on this particular issue for submissions of details on unsecured loans. The loan creditor has provided the details with cheque Nos. 955355 of Central Bank of India for Rs. 5,00,000/- dated 27.04.2007 and he was employee of New India Assurance Company and after taking VRS, out of the consolidated amount, the loan was provided to the assessee. The CIT(A) find that the explanations of the loan creditor are satisfactory and allowed the relief to the extent of Rs. 5,00,000/- referred at par ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee with portfolio management, where 20% assured income is guaranteed by the recipient of the amount. The Ld. AR contentions are that Rs. 4 crore are given for investment in equity shares. Since, there is no interest income nor dividend income is received, the assessee has initiated legal proceedings in the court and filed a complaint with Economic Offence Wing. And taxing the assessee with interest income @ 24% p.a on investment amount provided to the portfolio manager is without any basis. We find that the concept of real income will come into the picture and only real income will be taxable in the hands of the assessee irrespective of the assessee following mercantile system of accounting or cash system of accounting. In the pre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the partial relief based on the evidences filed in the course of the appellate proceedings and remand report. Whereas, in respect of Rs. 50,000/-addition sustained by the CIT(A).Even before us, the assessee could not substantiate with any evidence of the sources. Accordingly, we find, there is no merits in the submissions of the Ld.AR and confirmed the order of the CIT(A) on this disputed issue and dismiss the ground of appeal of the assessee. 6. The third disputed issue is with regard to disallowance of trading loss treated as speculation loss. The LdAR submitted that the tax authorities have not considered the various facts, which were placed in the hearing proceedings and prayed for an opportunity to substantiate with evidences before ..... X X X X Extracts X X X X X X X X Extracts X X X X
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