2016 (11) TMI 657

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....2013. From the very first date of hearing, the appeal is getting adjourned from time to time at the request of the assessee till 15th July 2015. On the date of hearing on 24th November 2015, no one appeared on behalf of the assessee. Therefore, the Bench was forced to adjourn the hearing of appeal to 26th November 2015. On 26th November 2015, one Shri Deepak Mishra, claiming to be a clerk of assessee appeared and again sought adjournment. The Bench while adjourning the appeal to 18th August 2016, observed as under:- "Assessee by : Shri Deepak Mishra Dept by : Dr. D.S. Ratnam Case was fixed on 29-11-15 but none appeared. Today one Mr. Deepak Mishra, clerk of assessee appeared and sought date. It seems that assessee is not interested in ....

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....scrips giving rise to short term capital gain. From the statement of short term capital gain, the Assessing Officer found that there are 41 transaction of sale of shares out of which in 39 transactions holding period is less than a month and in another two transactions holding period is less than three months. On going through the details of share transactions, the Assessing Officer also noted that assessee had entered into repetitive transactions. In other words, after purchasing a scrip the assessee had sold it then again purchased and resold which according to the Assessing Officer is in the nature of trading. He found the aforesaid trend in 22 scrips as tabulated in Page-3 of the assessment order. Further, he noted that substantial inve....

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....used borrowed funds for investing in shares. The learned Commissioner (Appeals) has also approved the aforesaid finding of the Assessing Officer. No material has been brought by the assessee before us to controvert the aforesaid factual findings of the Departmental Authorities. In the aforesaid view of the matter, we do not find any reason to interfere with the order of the learned Commissioner (Appeals). Accordingly, ground no.1 raised is dismissed. 8. In ground no.2, assessee has challenged the disallowance of interest of Rs. 7,24,408. 9. Brief facts are, while offering the income of short term capital gain of Rs. 30,36,555, from the share transaction, the assessee reduced therefrom the interest expenditure of Rs. 7,24,408. The Assessin....

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....Before us also, the assessee has raised this ground challenging disallowance of expenditure from short term capital gain. Alternatively, assessee has claimed that even if the income from share transaction is assessed under the head "Business" the interest expenditure is allowable under section 37(1). As we have already noted, the Assessing Officer while computing income from share transaction under the head business income has allowed the interest expenditure to Rs. 7,24,408. That being the case, there is no question of disallowance of interest expenditure, therefore, the ground raised by the assessee being infructuous is not required to be adjudicated upon, hence, dismissed. 11. In ground no.3, assessee has challenged the disallowance of ....