TaxTMI 
TaxTMI 
2026 (3) TMI 1409
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....n 250 of the Income tax Act by the Commissioner of Income tax (Appeals), National Faceless Appeal Centre [CIT(A)] for the aforesaid assessment year on the following among other grounds: 1. The learned CIT(A) erred in confirming the disallowance of interest of INR 26,94,538 made by the Assessing Officer while calculating the short term capital gains. 2. The learned CIT(A) erred in not directing the Assessing Officer to calculate tax on short term capital gains in respect of listed securities at 15% instead of 30% calculated in the assessment order. 3. The learned CIT(A) erred in not directing the Assessing Officer to allow deduction under Section 80E of INR 1,04,268. He erred in observing that the appellant did not....
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....e of the assessee's son, for whose education the loan had been taken, the deduction in respect of such interest was claimed by the assessee. 2.3 In respect of interest paid on borrowed capital, the assessee submitted that the funds had been borrowed for making investments in the share market and that the interest expenditure was incurred in relation to funds utilised for acquisition of shares and securities. It was specifically submitted that the loan had been utilised for investment in the capital market and not for any property-related activity. 2.4 The assessee further submitted that, due to oversight and inadvertence, the interest on borrowed capital had been claimed under the head "Income from house property" instead of under the....
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....nterest amount of Rs. 2050210/- (Accumulated monthly) has been charged from the appellant for the period from April 2022 to March 2023. No other description of the loan disbursed was given i.e. purpose of the loan etc. Thus, it can't be said that this loan was utilized for acquisition of shares on which capital gain has accrued. Further, it is very strange that broker itself has provided money to its client for purchase of share, this is against the established norm for the broker. Thus, on fact as well as law there is no scope for allowing any such deductions against the STCG. This ground is dismissed. 8. Ground 3 is against the addition of speculation income stating inter-alia that this amount was already disclosed in the fre....
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....The Ld.AR further submitted that the assessee had claimed the interest so paid as part of the cost while computing short-term capital gains. In support of the claim, reliance was placed on the loan agreement, the loan sanction letter issued by the broker, the ledger account of the assessee in the books of the broker, and the interest certificate issued by the broker. It was contended that these evidences are verifiable in nature, but were not considered by the authorities below while making the disallowance. 4.2. Per contra, the Ld. DR submitted that the additional evidences now relied upon by the assessee may be restored to the file of the learned Assessing Officer for verification. We have considered the rival submissions and peruse....
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....ince this issue is intrinsically connected with Ground No. 1, which has already been restored to the file of the learned Assessing Officer, we deem it appropriate to restore this issue also to the file of the learned Assessing Officer for fresh adjudication in accordance with law. Accordingly, Ground No. 2 is allowed for statistical purposes. Accordingly, Ground No. 2 raised by assessee also stands remitted to Ld.AO to consider the claim in accordance with law. 7. Ground No. 3 relates to the denial of deduction under section 80E amounting to Rs. 1,04,268/- by the Ld.CIT(A), on the premise that the claim was not made in the return of income and that no fresh claim could be entertained during the assessment proceedings. 7.1. The Ld. ....