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2021 (11) TMI 562 - ITAT DELHICorrect head of income - gain from listed securities - capital gain or business income - HELD THAT:- In view of the consistent finding of the Tribunal since assessment year 2008-09[2018 (8) TMI 1961 - ITAT DELHI], respectfully following the finding of the Tribunal for assessment year 2008-09 to 2012-13, we set aside the order of the lower authorities and hold the activity of purchase and sale of shares in question as investment activity to be assessed under the head capital gain. - Decided in favour of assessee. Disallowance u/s 14A read with Rule 8D - Assessee stated that no expenses have been incurred in relation to the dividend income earned from Dabur India Ltd. - HELD THAT:- In the year under consideration also, the assessee himself has computed the disallowance in terms of Rule 8D and thereafter reduced the disallowance corresponding to the dividend income earned from the shares of Dabur India Ltd. The issue in dispute is squarely covered against the assessee with the decision of the Tribunal in [2020 (6) TMI 75 - ITAT DELHI]. Whether investment in Dabur India Ltd. being a strategic investment would not form part of the total income under the Act? - As in view of the decision of the Hon’ble Supreme Court in the case Maxopp Investment Ltd [2018 (3) TMI 805 - SUPREME COURT] the issue is covered against the assessee and, therefore, this grounds of appeal is dismissed. Disallowance of business expenses - assessee failed to justify the expenditure by way supporting evidences - HELD THAT:- During the assessment proceedings, the Assessing Officer pointed out various instances of expenditure which were not incurred for the purposes of business and the assessee offered 10% of the total expenditure for taxation. CIT(A) also upheld the disallowance on the ground that the learned Authorized Representation admitted that it was not possible to filter out expenditure which may have been incurred for non-business promotion expenses as disallowance and the said disallowance was made on the agreed basis. Tribunal for assessment year 2013-14 has upheld the disallowance of 10% of the expenses as incurred for non-business purpose, we do not find any infirmity in the order of the Ld. CIT(A) on the issue in dispute and accordingly uphold the same - Decided in favour of revenue.
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