- (1.) This appeal under Section 260A of the Income-tax Act, 1961 is at the instance of an Assessee and is directed against an order dated April 29, 2004, passed by the Income-tax Appellate Tribunal, "D" Bench, Calcutta, in Income-tax Appeal being ITA No. 2055 (K0L) of 2003, for the Assessment Year 1998-99 thereby dismissing the appeal filed by the Assessee against the order of the Commissioner of Income-tax (Appeals).
(2.) The facts giving rise to filing of this appeal may be summed up thus: a) The Assessee had earned dividend income of Rs. 2,40,501/- apart from the income from trading in share, interest and commission. The Assessing Officer found that the Assessee had claimed interest amounting to Rs. 12,96,597/- and that the interest payment was attributable to investment in share from which income is exempted under Section 10(34) of the Income-tax Act. He, therefore, worked out the interest disallowance by applying the formula: Interest paid X Investments in shares/Total loan over which interest has been paid and arrived at the following figure: Rs. 12,96,597 X Rs. 8,95,56/Rs.69,11,561= Rs. 1,68,005/-. b) Being dissatisfied, the Assessee preferred an appeal before the Commissioner of Income-tax (Appeals) who dismissed the appeal with the finding that the Assessee itself had admitted that it would not be possible for him to establish the acquisition of shares and sources thereof by producing books of accounts or other documentary evidence and consequently, the said appellate authority observed that the Assessee had failed to establish its contention whereas the Assessing Officer had worked out the disallowable amount on the basis of documentary evidence on record. c) Being dissatisfied, the Assessee preferred an appeal before the Tribunal below and the Tribunal, by the order impugned herein has dismissed the appeal.
(3.) Being dissatisfied, the Assessee has come up with the present appeal.;