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2014 (9) TMI 1045 - AT - Income TaxShare transaction - Capital gain OR business income - Held that:- No infirmity in the order of the CIT(A) holding that the activity of transactions in shares/mutual funds by engaged the PMS was an investment activity and therefore the resultant gain was assessable under the head ‘capital gains’. Disallowance u/s.14A - Held that:- CIT(A) has given a categorical finding that expenditure on PMS has not been claimed by the assessee and there does not remain any other expenditure other than this expenditure. Therefore, no disallowance u/s.14A r.w. Rule 8D can be made. The above factual finding given by the Ld.CIT(A) could not be controverted by the Ld. Departmental Representative. Under these circumstances, we hold that the CIT(A) was justified in deleting the disallowance made by the AO.
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