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2013 (8) TMI 401 - AT - Income TaxSale of shares - short term capital gain v/s income from business - Held that:- Both the authorities below have themselves drawn support from the assessment for the earlier years, implying the facts to be the same. No separate case, by analyzing the facts for this year has been made out by the authorities below - Following decisions of ASSTT COMMISSIONER OF INCOME TAX VERSUS HITESH S BHAGAT [2013 (7) TMI 474 - ITAT MUMBAI] and New Jehangir Vakil Mills Co. Ltd. vs. CIT [1963 (4) TMI 60 - SUPREME COURT] - Decided in favour of assessee. Disallowance u/s 14A - CIT upheld disallowance order following Rule 8D - Held that:- total expenditure incurred by the assessee during the relevant year, as per its profit and loss account, forming part of its return of income for the year is less than the sum of disallowance - no disallowance qua the interest expenditure stood made by the A.O.; the assessee having not incurred any interest expenditure; rather returned a positive interest income of ₹ 1,22,380/-, and which, as apparent from the computation of the income, is the gross and not the net interest earned by her - Rule 8D is toward estimating the expenditure that can be attributed to the tax exempt income and, thus, could not, in any case, exceed the actual expenditure incurred and claimed by the assessee - Decided in favour of assessee.
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