https://www.taxtmi.com/caselaws?id=119308 The Tribunal upheld the disallowance of loss relating to the purchase and sale of mutual fund units but deleted the disallowance of interest on borrowed funds and interest-free advances. The disallowance under section 14A of the Income-tax Act was also deleted. The Tribunal allowed the claim of business loss on transactions with Century Consultants Ltd. and reversed the addition of excess brokerage. The addition of deemed interest on funds diverted to Ashok Mittal & Co. was deleted. The Tribunal restored the issue of unexplained investment in shares for fresh consideration and allowed software expenses deduction. The disallowance of promotion expenses was confirmed, and the treatment of loss on conversion of investments into stock-in-trade was upheld. The claim of losses from transactions with Kolkata brokers was allowed, as was the business loss on non-recovery of dues from Kolkata brokers. The Tribunal partially allowed the disallowance of general and prior period expenses. The additions of unexplained cash credits were mostly deleted, except for unpaid Service Tax. The Tribunal annulled the assessment order due to the lack of opportunity for the assessee to be heard before the special audit reference under section 142(2A). en-us Thu, 09 Aug 2007 00:00:00 +0530 Wed, 01 Aug 2012 00:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=119308 The Tribunal upheld the disallowance of loss relating to the purchase and sale of mutual fund units but deleted the disallowance of interest on borrowed funds and interest-free advances. The disallowance under section 14A of the Income-tax Act was also deleted. The Tribunal allowed the claim of business loss on transactions with Century Consultants Ltd. and reversed the addition of excess brokerage. The addition of deemed interest on funds diverted to Ashok Mittal & Co. was deleted. The Tribunal restored the issue of unexplained investment in shares for fresh consideration and allowed software expenses deduction. The disallowance of promotion expenses was confirmed, and the treatment of loss on conversion of investments into stock-in-trade was upheld. The claim of losses from transactions with Kolkata brokers was allowed, as was the business loss on non-recovery of dues from Kolkata brokers. The Tribunal partially allowed the disallowance of general and prior period expenses. The additions of unexplained cash credits were mostly deleted, except for unpaid Service Tax. The Tribunal annulled the assessment order due to the lack of opportunity for the assessee to be heard before the special audit reference under section 142(2A). Case-Laws Income Tax Thu, 09 Aug 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=119308