2023 (5) TMI 545

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....ated to be engaged in the business of finance and investment activities. Assessee filed its return of income for A.Y. 2003-04 declaring total income of Rs.55,01,686/-. The case of the assessee was selected for scrutiny and thereafter assessment was framed u/s 143(3) of the Act vide order dated 29.03.2006 and the total taxable income after adjustment of brought forward losses was determined at Rs. Nil and income from other sources was determined at Rs.55,01,686/-. 4. Aggrieved by the order of AO, assessee carried the matter before CIT(A) who vide order dated 18.12.2018 in Appeal No.303/14-15 dismissed the appeal of the assessee. Aggrieved by the order of CIT(A), assessee is now before the Tribunal and has raised the following grounds: ....

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.... and "Greater Kailash" addresses were also returned back with a comment "Left". Further, the notice issued by the Registry through RPAD was returned unserved with the postal remarks "refused". Assessee has not filed any document informing the change of address. Considering the aforesaid facts, we have no option except to dispose of the appeal on merits, after hearing the Ld. D.R. 6. Ground No.1 and its sub ground is with respect to the disallowance of Long Term Capital Loss of Rs.75,35,065/-. 7. During the course of assessment proceedings and on perusing the computation of total income, AO noted that assessee has claimed Long Term Capital Loss of Rs.72,47,870/-. Assessee was asked to produce documentary evidences to support the claim.....

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....is submitted by the appellant that CIT(A) has allowed its claim during the previous year 2001-02 on the basis that long term loss is to be allowed which pertains to equity shares held in the demat account, but there are discrepancies during the year in the detail of shares furnished by the appellant. It is observed that appellant has claimed to purchase Rs.15,67,240 shares in F.Y. 1996-97 but as per the detail furnished by the appellant it has purchased Rs.16,03,590 shares and shown 36,350 shares sold during the F.Y. 1996-97. As per the qualitative reconciliation of investment in equity shares of Escorts Ltd. furnished by the appellant no sale of shares of Escorts Ltd. shown in F.Y. 1996-97. Similarly, there is discrepancy in reflecting the....

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.... in the present ground is about the disallowance of Long Term Capital Loss. We find that CIT(A) while upholding the order at para 4.4 of the order has given a finding that assessee could not reconcile the investment in equity shares as claimed by it and as shown to have been purchased by it. CIT(A) has further given a finding that assessee has also failed to furnish evidence in support of year of acquisition of shares as well as value of shares in the year of acquisition. Before us, also assessee has not placed any material on record to controvert the findings of lower authorities. In such a situation, considering the fact that CIT(A) for the reasons noted in the order and reproduced herein above, we find no reason to interfere with the ord....

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....y as a regular business debt and appellant has furnished the detail of the debts for the year ending 31.03.2003. No proof of payment made by the Escorts Finance Ltd. and date of payment was furnished by the appellant. 5.4 I have considered the facts of the case, finding of the AO and written submission of the appellant. Appellant has given interest free advance to Escorts Finance Ltd. of Rs. 49,34,945/- without charging any interest whereas it is paying interest @ 13% on inter corporate deposits received by it. The appellant has not furnished any other detail except stating that debts are regular business debts given to Escorts Finance Ltd. and on similar issue CIT(A) has deleted addition on notional charging of interest. Appellant....