Assessee, an NRI, had declared ‘short-term capital loss’ from sale of shares.The Assessing officer has not allowed the loss on the ground that the Assessee has not produced TRC. On appeal, the Tribunal held that since assessee had produced TRC as per directions of DRP, in interest of justice issue is restored to files of Assessing Officer and Assessing Officer was directed to examine TRC and if same was found to be in order, cost of acquisition would be taken as claimed by assessee in his return of income. (AY. 2019-20 )
Biplab Adhya. v. ITO (2023) 198 ITD 643 (Bang) (Trib.)
S. 45: Capital gains-Income deemed to accrue or arise in India-Business connection-Capital gains-Non-Resident-Cost of acquisition-Short term capital loss-TRC produced-Matter remanded to the file of Assessing Officer-DTAA-India-USA.[S. 9(1)(i), Art. 13]