TaxTMI 
TaxTMI 
2011 (5) TMI 579
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.... dated 30.03.2005 passed under section 143(3) of the Income Tax Act, 1961 (the Act). On appeal, the learned CIT(A) partly allowed the appeal. 3. Being aggrieved by the order of the learned CIT(A), the assessee is in appeal before us. 4. Ground No.1 is against the sustenance of disallowance of loss of Rs.5,21,28,447/- in respect of transaction backed by delivery and Rs.1,30,00,183/- in respect of transaction not backed by delivery. 5. The brief facts of the above issue are that it has been observed by the Assessing Officer that the assessee has shown loss of Rs.6,51,28,623/- on share trading. The assessee furnished the details of share traded during the year. However, it had not furnished brokers bills and contract no....
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....ment year 2001-02 in M/s. NH Securities Ltd. V/s ACIT in ITA No. 792/Mum/2008 for the assessment year 2001-02 order dated 30.03.2011 has set aside the issue to the file of the AO, therefore for the same reasons, the issue may be set aside to the file of the AO. He also placed on record the copy of the said order of the Tribunal. 8. On the other hand, the learned DR supports the order of the AO and the learned CIT(A). 9. Having carefully heard the submissions of the rival parties and perusing the material available on record, we find that there is no dispute that the facts of the impugned issue are similar to the facts for the assessment year 2001- 02. It has also been observed by the AO that the circumstances in this year ha....
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.... to consider the issues afresh in the light of the facts on record and needless to say that the assessee should be given opportunity before deciding the issues. For this purpose the orders of the A.O. and CIT(A) on this issue are set aside and the assessment is restored back to the A.O. to consider it afresh after examining the facts and according to the law." In the absence of any distinguishing features brought on record by the Learned DR, we respect fully following the order of the Tribunal (supra) set aside the orders passed by the revenue authorities on this account and send back the matter to the file of the AO to consider afresh in the light of the direction of Tribunal (supra) and according to law after providing reasonable ....
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.... assessee's paper book to show that the bank has made provisions of interest amounting to Rs.4,48,61,464/- on 1.12.2001 and Rs.3,96,98,182 on 30.03.2002 aggregating to Rs.8,45,64,646/-, therefore, despite the fact that the assessee has not made necessary entries in the books of account, the assessee is entitled to the deduction of the said amount of interest and for this proposition the reliance was also placed on the order of the Tribunal in the case of M/s Chat Computer Pvt Ltd V/s DCIT in ITA No.4818/Mum/2007 for the assessment year 2002-03 dated 30.12.2010, wherein the Tribunal on the similar facts and circumstances has allowed the interest as claimed by the assessee. He also placed on record the copy of the said order of the Tribunal. ....
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....k. The position of law is well settled that making of an entry or absence of an entry in the books of account cannot determine rights and liability of party. 16. In M/s Chat Computer Pvt Ltd V/s DCIT (supra) on the similar issue it has been held by the Tribunal in paragraph 6 of the order that "since the amount are borrowed the liability to pay interest for the whole year has crystallised. In view of this, the amount debited to assessee's account by the said bank in the bank statement at Rs.9,93,67,932/- is certainly an allowable amount ". This being so and in the absence of any distinguishing features brought on record by the Revenue, we are of the view that in view of the bank statement, the assessee is entitled to the deduction o....