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2016 (1) TMI 1095

Head Note:
Disallowance u/s 14A - Held that:- Since the object of the assessee in making investment is to hold them as stock-in-trade. Accordingly, we are of the view that the methodology prescribed under Rule 8D(2)(iii) cannot be applied to the facts and circumstances of the instant case. Accordingly, we modify the order of the ld. CIT(A) and direct the AO to restrict the addition under Rule 8D(2)(iii) to ₹ 5,93,655/- - Decided partly in favour of assessee.

Deduction claimed under section 35D disallowed - Held that:- Identical issue has been decided against the assessee by the Co-ordinate Bench of the Tribunal passed in the assessee's own case relating to assessment year 2006-07 [2015 (11) TMI 1277 - ITAT MUMBAI ] - Decided against the assessee

Disallowance of claim of loss on account of re-valuation of securities - Held that:- Loss on arising on re-valuation of securities is required to be allowed as decided in the assessee's own case relating to assessment year 2006-07 [2015 (1) TMI 1012 - ITAT MUMBAI ] - Decided against revenue


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