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2014 (2) TMI 257 - AT - Income TaxDisallowance u/s 14A of the Act r.w Rule 8D of the Rules – Claim of Interest - Earnings of dividend income on mutual fund – Held that:- The decision in Godrej & Boyce Manufacturing Co. Ltd vs. DCIT [2010 (8) TMI 77 - BOMBAY HIGH COURT] followed - Rule 8D of the Income- tax Rules to be prospective in nature and the assessee's challenge of CIT (A)'s action in increasing the amount of disallowance u/s 14A of the Act without pointing out any valid basis for such further disallowance was upheld – Decided in favour of Assessee. Claim of depreciation – Property used for business purpose – Held that:- The matter remitted back to the AO for fresh adjudication and the assessee has agreed to file evidence of user of the property in question. Capital loss treated as business loss – conversion of investment from stock-in-trade to capital asset - Held that:- For the earlier years also, the Tribunal has upheld the CIT (A)'s direction for treating the loss as a capital loss – Decided against Revenue. Deletion made u/s 68 of the Act - Unexplained credits in bank – Held that:- The CIT (A) correctly arrived at the conclusion that the amount had been received by the assessee company from Hotline CPT Ltd. – it was correctly observed that the amount could not be treated as unexplained cash credit u/s 68 of the IT Act - The department has not been able to successfully refute the well-reasoned findings of fact recorded by the CIT (A) in this regard – Decided against Revenue.
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