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2014 (7) TMI 1059 - AT - Income TaxDisallowance u/s 14A – Held that:- There is no direct correspondence between the incurring of an expenditure and the earning of income there-from including as to its time – Relying upon CIT vs. Rajendra Prasad Moody [1978 (10) TMI 133 - SUPREME Court] - the disallowance having been effected by the AO only with reference to Rule 8D (2)(iii), is itself below the disallowance made – thus, the order of the CIT(A) is upheld – Decided against Assessee. Assessment of STCG as business income – Held that:- The AO after enlisting the assessee’s case makes his observations with regard to the transactions entered into by the assessee - the assessee was not an investor and that the income disclosed by him as STCG is in fact business income, assessing it as such - No meaningful purpose under the circumstances would be served in restoring the matter back to the file of the assessing authority - CIT(A) have not rendered any specific decision/findings with reference to the facts and circumstances – thus, the matter is remitted back to for fresh consideration – Decided in favour of Assessee.
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