2018 (11) TMI 1238

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....sessee is directed against the order of Ld. CIT (Appeals) - 2, Kolkata dated 11.04.2017. 2. The assessee in the present case is an individual who filed his return of income for the year under consideration on 29.07.2005 declaring a total income of Rs. 2,70,000/-. The assessee had claimed to have carried on the business of purchase and sale of shares during the year under consideration and the l....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... completed under section 143(3) vide an order dated 27.11.2007. On appeal, the Ld. CIT(A) upheld the order of the A.O. substantially. Aggrieved by the order of the Ld. CIT(A), the assessee has preferred this appeal before the Tribunal on the following grounds: "1. That on the fact and circumstances of the case the learned CIT appeal erred in not holding that there was enough sale/purchase....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ofit and loss account of the assessee for the year under consideration placed at page no 7 of the Paper Book to point out that there was opening stock of shares of Rs. 1,24,804/- while purchases and sale of shares were to the tune of Rs. 20,78,054/- and Rs. 27,58,412/- respectively. He has contended that these facts and figures are sufficient to show that the assessee had carried on the business o....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ng in shares was carried on by the assessee during the year under consideration and allow ground no 1 of the assessee's appeal. 4. As regards the issue relating to disallowance of interest raised in ground no 2, a perusal of the balance sheet of the assessee as on 31st March, 2005 placed at page no 5 of the paper book shows that the entire borrowed funds were utilised by the assessee for person....