2024 (10) TMI 931

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....hangepatil Pushkaraj Ramesh - Sr.DR ORDER PER SANDEEP SINGH KARHAIL, J.M. The present appeal has been filed by the assessee challenging the impugned order dated 28/06/2024 passed under section 250 of the Income Tax Act, 1961 ("the Act") by the learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi ["learned CIT(A)"], for the Assessment Year 2018-19. 2. In ....

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....se fund were not immediately available to the appellant for investment opportunity. Therefore the Appellant has taken Short Term Loan from Financial Institution for investment in shares and securities through IPO at lower rate of Interest at 8% PA. Since own funds are not available for investment hence the said loan was indirectly utilized for Business. Hence the said Interest paid is ded....

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....n is either to be allowed under the head Business Income or Capital gain. 4. The CIT (A) has further erred and was not justified is confirming tax under section115BBDA on Dividend received from Mutual Fund Rs. 10,930 which is exempt u/s. 10(35). In the preamble of the Assessment Order the said income is shown as Exempt u/s 10(35) but in the Computation sheet, the said exempt income is tax....

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....-parte due to the non-appearance of/on behalf of the assessee. We further find that the learned CIT(A) merely on the basis of non-compliance with notices, dismissed the appeal filed by the assessee without adjudicating the grounds raised by the assessee on merits, as required under section 250(6) of the Act.We find that in CIT v/s Premkumar Arjundas Luthra (HUF), reported in [2016] 69 taxmann.com ....