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2014 (9) TMI 1047 - ITAT MUMBAIDisallowance made u/s 14A - Held that:- In the instant case, the AO did not make any reference to the accounts in order to examine the correctness of the claim made by the assessee. The dividend income earned by the assessee is also ₹ 62,134/- only. The disallowance computed by the AO show that he has proposed to disallow only general expenses only. Hence, under these circumstances, in order to put this issue at rest, we estimate the disallowance to be made u/s 14A of the Act at ₹ 1,000/- by considering the Profit and loss account placed at page 7 of the paper book. Accordingly, we set aside the order of Ld CIT(A) on this issue and direct the AO to restrict the disallowance u/s 14A at ₹ 1,000/-. Assessment of Short Term Capital Gains as business income of the assessee - Held that:- There is no reason to suspect the nature of activity carried on by the assessee during the year under consideration. Accordingly, we are unable to agree with the view taken by the tax authorities. Accordingly, we set aside the order of Ld CIT(A) on this issue and direct the assessing officer to assess the impugned gain as Short term Capital gain only.
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