that
the assessee has made certain investment in shares, mutual
funds, bonds etc. out of fund borrowed either by the assessee or
from ... money invested in these mutual funds are
owned funds of the assessee and are not out of borrowed
funds. The company admittedly is engaged
details of the units purchased and redeemed by the
Petitioner of mutual funds during the said year as well as the
closing stock ... paperbook) by which the
transaction of purchase and sale of mutual funds and
consequential receipts of dividend was explained to Respondent
No.1. The Petitioner
account of Long Term Capital Gain on Mutual
Fund and Rs.31,55,355/- on account of other income from mutual
funds. The assessee ... argued that the assessee
has earned the dividend income from the mutual fund of Rs.50,000/-,
and long term capital gains on mutual funds
assessee is entitled to exemption on dividend
income on units of mutual fund Rs.48,90, 114/- u/s. 10(35) of
Income ... have allowed the exemption in respect of
dividend income on mutual funds as all the details were
available from the P&L Account
assessee has earned dividend income of Rs.2,10,000/- from mutual fund
which is exempt from tax.
3.1. It was also noted ... further submitted that mutual funds Managers are
deducting their fund management charges from the said mutual
investments made. Thus, in the given facts, no further
Numerous transactions of buying and selling of shares or units in
Mutual Funds for short term and long term capital gain is carried out. These ... assessee while buying and selling these
shares and units of Mutual Funds was to earn profit. Hence going by the frequency of
transactions, the same
alia, took note of the material facts as follows:
"GIC Mutual Fund, while launching some schemes,
had offered to the prospective investors certain assured ... assessee. The Mutual Fund
does not have any funds of its own, nor does it make any
profits. The success of mutual fund gives rise
detailed replies and workings contending
that the investments in shares and mutual funds relating to exempt income
were old and made by the Company ... correct
investment in JV shares and mutual funds was to the tune
representing investment made in mutual funds could be brought to tax as unexplained
investment in the facts and circumstances of the case.
7.1. The brief ... facts of this issue is that the assessee invested in two mutual funds for
Rs. 4,50,000/- each on 18.7.2003 and redeemed the same
Investigation further revealed that accused had invested in several
mutual funds, several bank accounts, shares of different companies, tax saving bonds ... Mutual Fund Sh.B.R.S.Rathaur 49,000
( LO99 Magnum Multicap Fund
Growth Folio No. 5811886 ( Date
29.9.2005)
21 Investment in SBI Mutual Fund
