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2014 (11) TMI 1167 - AT - Income TaxInterest earned on money lent by the assessee - income from "Profit and Gains of Business or Profession" OR "income from other sources" - Held that:- Considering the commonness of the issue involved in the present appeal with that of the issue decided by the Tribunal in assessee‟s own case for the AY 2008-2009 we are of the opinion that the decision of the CIT (A) holding that the interest earned on money lending operation arose from a systematic and organized activity carried on with a motive of profit and hence ought to be taxed under the head "profits and gains of business or profession" is fair and reasonable and it does not call for any interference Disallowance u/s 14A - Held that:- The disallowance confirmed by the CIT (A) is proper but the same is subjected to the correctness of the calculations as per clause (ii) & (iii) of Rule-8D(2) of the IT Rules, 1962. Assessing Officer may examine the correctness before restricting the disallowance as held by the CIT (A). Therefore, in substance, the order of the CIT (A) does not call for any interference. - Revenue appeal dismissed.
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