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2015 (8) TMI 1252 - AT - Income TaxDisallowance made u/s.14A - CIT(A) deleted the addition - whether the shares held by an assessee under the head stock in trade can be considered for making disallowance u/s.14A of the Act r.w.rule 8D of Rules? - Held that:- The issue has been conclusively decided in the case of India Advantage Securities Ltd.(2015 (6) TMI 140 - BOMBAY HIGH COURT) wherein clearly held that the disallowance if any to be made u/s.14A and rule 8 D could only be made with regard to investments and not for the shares held as stock in trade.In the case under consideration, the FAA had followed the decision of Tribunal delivered in the case of Yatish Trading Co.Pvt.Ltd.(2010 (11) TMI 183 - ITAT, MUMBAI ). The view taken by the Tribunal has been upheld by the Hon’ble Bombay High Court in the case of India Advantage Securities Ltd. (supra). Respectfully, following the judgment of the Hon’ble Court we decide the effective ground of appeal against the AO. - Decided in favour of assessee.
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