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2013 (12) TMI 647 - ITAT MUMBAIDisallowance u/s 14A – Dividend earned on shares held as stock-in-trade - Held that:- Following M/s. CCI Ltd., vs. JCIT [2012 (4) TMI 282 - KARNATAKA HIGH COURT] - The provisions of section 14A are not applicable to the dividend earned out of the shares held as stock-in-trade - The assessee is not engaged in investment of shares and he is undisputedly into purchase and sale of the shares held as stock in trade - The dividend earned in undisputedly out of the unsold shares – Decided in favour of assessee. Rebate u/s 88E from the tax computed u/s 115JB – Held that:- Following CIT & Another vs. M/s. Horizon Capital Ltd. [2011 (10) TMI 489 - KARNATAKA HIGH COURT] - While computing the total income u/s 115JB of the Act, the assessee is entitled to claim deduction of the amount equal to the STT paid by him in respect of the taxable securities transactions entered into in the course of business during the previous year – Decided in favour of assessee.
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