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2015 (10) TMI 537 - AT - Income TaxGains on sale of shares - capital gain v/s business income - Held that:- We find while holding the gains on sale of shares to be capital gains, ld. CIT(A) has given a finding that the facts of the case in the year under appeal are identical to that of A.Y. 05-06 & 07-08 and further during the year under appeal the number of transactions are small, the shares were purchased for investment purpose and were not made out to borrowed funds. Before us, Revenue has not brought any material to controvert the findings of ld. CIT(A). We further find that against the order of Tribunal, the matter was carried by Revenue before Hon’ble High Court and the appeal of Revenue was dismissed by the Hon’ble Gujarat High Court. We further find that the facts of the case relied upon by ld. D.R. are distinguishable and not applicable to the present facts. In view of the aforesaid facts, we find no reason to interfere with the order of ld. CIT(A) and thus the ground of Revenue is dismissed. - Decided in favour of assessee. Disallowance u/s 14A - Held that:- CIT(A) while upholding the disallowance u/s. 14A made by A.O, has given a finding that during the appellate proceedings, Assessee had not challenged the computation of disallowance and the disallowance made by the A.O was as per provisions of Section 14A read with Rule 8D of I.T. Rules, 1962. Before us, ld. A.R. has not brought any material on record to controvert the findings of ld. CIT(A) and therefore we find no reason to interfere with the order of ld. CIT(A). - Decided against assessee.
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