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2018 (8) TMI 760 - GUJARAT HIGH COURTDisallowance u/s. 40A(2)(b) - excess remuneration to directors - disallowance u/s. 14A - valuation of closing stock - Addition on account of notional interest on delayed refund of security deposits - Held that:- Looking to the increase in the profit and the business when in the subsequent year i.e. year in consideration the learned Tribunal accepted the renumeration paid to the Director as admissible, it cannot be said that the learned Tribunal has committed any error. The learned Tribunal has rightly observed that once the renumeration paid in the preceding year was accepted by the Revenue, the Assessing Officer was not justified in considering and/or comparing the renumeration paid in AY 2004-05. - No question of law. Appeal admitted on the following question of law: Whether the Appellate Tribunal is right in law and on facts in holding that the assessee’s profit earned on the sale fo shares shall be treated as capital gain instead of business income? Whether the Appellate Tribunal has erred in law and on facts in deleting the addition of ₹ 2,33,55,558/made u/s 145A of the Act? Whether the Appellate Tribunal was right in law and on facts in confirming the decision of the CIT(A) in deleting the addition u/s 145A of the Act, 1961? as disallowed by the AO?
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