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TMI Blog2022 (9) TMI 452X X X X Extracts X X X X X X X X Extracts X X X X ..... issued under section 154 of the Act, the assessee has clearly and categorically submitted that the shares were held as stock in trade and the issue was examined in course of scrutiny assessment. Thus, from the aforesaid facts, it is patent and obvious that the issue, whether the loss on sale of shares claimed by the assessee is a trading loss or capital loss is a highly debatable issue. That bein ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... though, on multiple occasions the appeal was fixed for hearing earlier but, assessee never appeared. Since, sufficient opportunities have been granted to the assessee to represent its case, which the assessee failed to avail, I deem it appropriate to proceed with the appeal exparte qua the assessee after hearing learned Departmental Representative and based on the materials available on record. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ause notice, the Assessing Officer observed that interest on income tax amounting to Rs.7,172/- was inadvertently allowed, though, it is not an eligible business expenditure. Further, he observed, loss on sale of shares of VKJ Infra Developers Ltd. amounting to Rs.6,00,000/- debited to the profit and loss account was wrongly allowed as the shares were held as investment and not as stock in trade. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and loss account as trading loss. While completing the assessment under section 143(3) of the Act, the Assessing Officer obviously has accepted the claim. The Assessing Officer has initiated proceeding under section 154 of the Act qua the claim of loss on the ground that the shares were held as investment and not as stock in trade. It is observed, in reply to show-cause notice issued under section ..... X X X X Extracts X X X X X X X X Extracts X X X X
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