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2015 (11) TMI 110 - AT - Income TaxDisallowance under section 14A - Held that:- Having noted that there are admittedly no direction expenses incurred in earning the dividends which could qualify for being covered by rule 8D2(i), we delete the impugned disallowance. The assessee gets the relief accordingly. - Decided in favour of assesae Allocation of STT - Held that:- With the consent of the parties, this issue is remitted to the file of the Assessing Officer for fresh adjudication in the light of the principles laid down by Hon’ble Bombay High Court in the case of CIT Vs Manish D Innai [2015 (4) TMI 441 - BOMBAY HIGH COURT] and in the light of such other binding judicial precedents as may be available at that point of time. As we do so, we make it clear that we have refrained from adjudication on merits for the reason that the correctness of the factual elements embedded in learned counsel’s arguments cannot be ascertained from the material on record before us Allocation of common expenses - Held that:- Allocation of common expenses between speculation and non-peculation business is covered by Tribunal’s decision in assessee’s own case for the immediately preceding assessment year. Explanation to Section 73(1) is not applicable and, therefore, loss from business of purchase and sale of shares on delivery basis cannot be considered as speculation loss and only the loss from commodity transaction business has to be considered as speculation loss.
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