TaxTMI 
TaxTMI 
2018 (5) TMI 427
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....assessment year 2010-11. The grounds raised by the assessee per its appeal are as under:- "1. Ld. CIT(A) should have deleted the addition of bad debts R.47767/- on the basis of details submitted along with written submission as marked Annexure 'A'. 2. The Ld. CIT(A) erred in confirming the action of AO for addition of bad debts Rs. 477677/- without asking any details in course of hearing by the AO. 3. The Ld. CIT(A) erred in confirming the action of the AO for disallowing the expenses of Rs. 285209/- as claimed against the short term capital gain. 4. The Ld. CIT(A) show have not given the direction to the AO to assess the short term capital gain at Rs. 1010723/- & long term capital loss Rs. 9492855/- as p....
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.... on the assessee to give basic details. No details have been given during assessment stage as sit is evident from the assessment ordered. Even before me, a general reply has been filed. Hence, appeal of the assessee is dismissed on this ground." Being aggrieved by this order of Ld. CIT(A) assessee came in second appeal before us. 5. Ld. AR for the assessee filed paper book which is running pages 1 to 19 and submitted that necessary details for the bad debt written off and the corresponding income shown in the earlier year were filed before AO during assessment proceedings. Ld. AR in support of assessee's claim filed copy of ledger and details of sales in respect of bad debt which are placed on pages 1 to 8 of the paper book. On the ot....
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....CIT(A) erred in confirming the order of AO by sustaining the disallowance of Rs.2,85,209/- against the Short Term Capital Gains (STCG for short). The assessee during the year has declared short term capital gain after adjusting the following expenses:- i) Demat charges of Rs.62,265/- ii) DP maintenance charge of Rs.552/- iii) Custodian charges Rs.2,404/- iv) Investment advisory fee Rs.1,95,055/- v) Investment advisory fee expenses Rs.25,033/- 2,85,309/- The Assessing Officer was of the view that these expenses have not been incurred in connection with the transfer of capital assets. Therefore, the same cannot be allowed as deduction under section 48 of the Act. Accordingly, AO disal....
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....ve of assessee's STCG / loss. It has nothing to do with the transfer of share. He vehemently relied on the order of Authorities Below. 10. We have heard the rival contentions of both the parties and perused the material available on record. The issue in the present case relates to the disallowance made by the AO for the expense claimed to have incurred against the STCG. At this juncture, we find important to reproduce the provisions of Section 48 of the Act, which read below:- [Mode of computation. 1248. The income chargeable under the head "Capital gains" shall be computed, by deducting from the full value of the consideration13 received or accruing as a result of the transfer of the capital asset the following amounts....
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....ought to the notice of Ld. CIT(A) during appellate stage who rejected the same after having reliance on the judgment of Hon'ble Supreme Court in the case of Goetze India Ltd. vs. CIT 284 ITR 323 (SC). Ld. AR further submitted that the impugned issue is arising from the details available before AO and no fresh documentary evidence is required for the adjudication of the same. Accordingly, Ld AR before us prayed that a direction should be made to AO for rectification of the mistake committed by the assessee. On the other hand, Ld. DR raised no objection if the direction is be issued to AO to adjudicate the matter in accordance with law. 13. We have heard the rival contentions of both the parties and case law relied upon by the assessee....