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Disallowance of Interest -Alleged conversion of shares held as opening stock to investments
Case Law Details
- Case Name
- M/s MKJ Developers Ltd Vs ACIT (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2005-06
- Courts
- All ITAT, ITAT Kolkata
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M/s MKJ Developers Ltd Vs ACIT (ITAT Kolkata)
Learned counsel’s sole submission during the course of hearing is that assessee had in fact converted its shares held as stock-in-trade into investments only on 31.03.2005 than on 01.04.2004. He pleads that both the lower authorities have erred particularly in computing the impugned interest disallowance on erroneous assumption of facts that the convergent of shares to investment in fact took place of opening date of the relevant previous year. Learned Departmental Representative fails to dispute the clinching fact that neither the Assessing Offi...
