Law:

Section:

Section 45 of the Income-tax Act, 1961 - Capital gains - Chargeable as - Assessee-company sold certain shares of other companies held by it at a loss - Whether in view of fact that assessee held the shares as an investor in preceding years and in relevant year there was no evidence to contrary, assessee would be entitled to claim it as capital loss - Held, yes Facts In the relevant assessment year, the assessee-company sold certain shares of other companies held by it at a loss. It claimed deduction as capital loss on the ground that the shares were held by it as an investment. The ITO disallowed the assessee's claim. On appeal, the AAO following the decision of the Tribunal in the case of the assessee in the earlier years, allowed the assessee's claim. On appeal by the revenue, the Tribunal upheld the order of the AAC. On reference: Held An identical question had come up before the Tribunal in the case of the assessee in the earlier years and it had been held that the assessee was an investor and not dealer in shares. The Tribunal had noted, in the instant case, that the revenue was unable to bring any fresh material before it on the basis of which it could come to a different conclusion in the assessment year in Question. No particular fact was shown on behalf of the revenue on which it could be contended that the Tribunal's decision on the facts found was erroneous. The facts on the basis of which the Tribunal had proceeded were not challenged as perverse or based on no evidence or contrary to the evidence on record. The Tribunal's order was, therefore, justified in allowing the assessee's claim. Section 199 of the Income-tax Act, 1961, read with rule 30A of the Income-tax Rules, 1963 - Deduction of tax at source - Credit for tax deducted - Assessee- company had pledged a number of shares of other companies held by it with its brokers, who in turn pledged it with different banks - From gross dividend payable on shares, tax was deducted at source - Assessee was disclosed as beneficial owner of aforesaid shares by banks in Form No. 15B submitted by assesses and revenue also treated it as beneficial owner of aforesaid shares - Whether assessee, in whose total…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492