2013 (1) TMI 882

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....ar under consideration the assessee has declared the income from salary, house property, loss under the head profit/gains of business, capital gain and income from other sources. During the course of assessment proceeding it was inter alia observed by the A.O. that the assessee has shown short term capital gain on sale of shares of Rs. 30,10,828/-and against the said short term capital gain the assessee has claimed following expenses:- Interest paid on loan  Rs.16,45,880/- Processing fees Rs.6,726/- Demant charges  Rs.12,142/- Membership subscription  Rs.7,047/-   Rs.16,71,795/-   On being asked as to why the said expenses are allowable, it was, inter alia, submitted by the assess....

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.... "income from other sources". Accordingly the A.O. completed the assessment at an income of Rs. 39,26,400/- vide assessment order dtd.18-12-2009 passed u/s 143(3) of the Act. On appeal, the ld. CIT(A) while agreeing with the views of the A.O. confirmed both the disallowances made by the A.O. 3. Being aggrieved by the order of the ld. CIT(A) the assessee is in appeal before us. 4. Ground No. 1 is against the sustenance of disallowance of various expenses of Rs. 16,71,795/-. 5. At the time of hearing, the ld. counsel for the assessee submits that at this stage he is pressing only the sustenance of of disallowance of interest of Rs. 16,45,880/- and is not pressing the other disallowances. He further submits that since the payment of i....