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2014 (7) TMI 901 - AT - Income TaxDisallowance u/s 14A r.w. Rule 8D Held that:- As decided in DCIT Versus Subhkam Monetary Services (P) Ltd. [2012 (5) TMI 310 - ITAT, Mumbai], the same has been followed - the matter has been remitted back to the AO with the direction to compute disallowance to be made u/s 14A of the Act on a reasonable basis by following the decision GODREJ AND BOYCE MFG. CO. LTD. Versus DEPUTY COMMISSIONER OF INCOME-TAX AND ANOTHER [2010 (8) TMI 77 - BOMBAY HIGH COURT] - the provisions of Rule 8D is not applicable to the instant year Decided in favour of Assessee. Purchase and sale of shares treated as STCG and not business income Held that:- CIT(A) has reversed the decision of the assessing officer by following his order passed for the immediately preceding year - the contention of the assessee is that the facts that prevailed in the immediately preceding year are materially different from the facts available in the instant year there was not be any dispute that the question whether the income arising on sale of shares is assessable as Capital Gains or Business Income may be required to be examined every year by following various criterion illustrated by the Courts - assessee has filed additional evidences, they are required to be examined at the end of the AO thus, the matter is remitted back to the AO for fresh adjudication Decided in favour of Revenue.
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