9911796707
TMI Blog2011 (1) TMI 1567X X X X Extracts X X X X X X X X Extracts X X X X ..... s. During the course of assessment proceedings, the AO noticed that the assessee has shown purchase of shares of ₹ 85,45,000/- of four privately held unlisted companies and the assessee was asked to give details of these purchases, including the purchase bills. It was also noticed that the assessee has sold shares amounting to ₹ 60,40,000/-. The assessee submitted that sales of shares have been made at purchase price meaning thereby that the shares have been sold without making any profit. Further, the shares involved were of closely held private limited companies. The assessee was asked to substantiate its claim with documentary evidences. The AO was given details of purchase and sales of the shares in the assessment order and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... without any basis. The learned CIT(A) accepted the contention of the assessee and noted that the assessee purchased the shares as it was dealing in shares and the same were shown as stock-in-trade in the books of accounts and the balance sheet. Complete details were filed to show that sales have been made to the parties. The learned CIT(A) also noted the complete details of the transactions and the conformations have been filed and therefore, there were no the basis to make the addition by applying 25% as additional sale price. The addition was accordingly deleted. 4. On consideration of the rival submissions, we do not find it to be a fit case for our interference with the order of the learned CIT(A). The learned DR merely relied on the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed in the name of director and when the same is used for the purpose of business, the depreciation is allowable to the assessee. The learned CIT(A) accepted the explanation of the assessee and held that the motor car was purchased out of the fund of the assessee-company. The same was used for the purpose of assessee-company. Therefore, disallowance was deleted. 6. On consideration of the rival submissions, we find no merit in these grounds of the Revenue. The learned CIT(A) gave a specific finding that the motor car was purchased out of the funds of the assessee-company and was also used for the purpose of business of the assessee-company. Merely because the registration was in the name of one of the directors would not disallow the clai ..... X X X X Extracts X X X X X X X X Extracts X X X X
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