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2015 (2) TMI 358 - ITAT AHMEDABADDisllowance u/s 14A 2) & (3) read with Rule 8D - assessee is engaged in the business of exporting goods and dealing in shares and securities - Held that:- No dispute about the fact that assessee was dealing in shares and securities and shares were held by him in stock in trade and therefore in view of the decision of Karnataka High Court in the case CCI Ltd. vs. Jt. CIT (2012 (4) TMI 282 - KARNATAKA HIGH COURT) and Apoorva Patni vs. ACIT [2012 (9) TMI 828 - ITAT, PUNE] wherein held that when the assessee has not retained shares with the intention of earning dividend income and the dividend income is incidental to his business of sale of shares, which remained unsold by the assessee, it cannot be said that the expenditure incurred in acquiring the shares has to be apportioned to the extent of dividend income and that should be disallowed from deductions. When no expenditure is incurred by the assessee in earning the dividend income, no notional expenditure could be deducted from the said income, thus no disallowance u/s 14A was called for - Following decision of assessee's own previous case [2013 (1) TMI 236 - ITAT AHMEDABAD] - Decided in favour of assessee.
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