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2015 (4) TMI 5 - AT - Income TaxDisallowance u/s 14A r.w. rule-8D - dividend income claimed exempt u/s 10(34) - Held that:- No effort has been made by A.O. to record his findings as to why the claim of assessee that no expenditure was incurred was not correct. He has made disallowance just by holding that some expenditure must have been incurred. Therefore, case of CIT Vs Taikisha Engineering India Ltd. [2014 (12) TMI 482 - DELHI HIGH COURT] is applicable to the assessee and no disallowance u/s 14A was warranted. Moreover, we find that the assessee was holding shares as stock in trade and not as investments as is apparent from balance sheet of assessee and, therefore, also disallowance u/s 14A was not warranted as held in the case of DCIT Vs Baljit Securities Pvt. Ltd. (2014 (10) TMI 659 - ITAT KOLKATA). - Decided in favour of assessee.
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