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2016 (9) TMI 1541 - AT - Income TaxCorrect head of Income - Income from purchase/ sale of shares - “income from capital gains” OR "Business income" - HELD THAT:- As decided in own case [2013 (4) TMI 940 - ITAT KOLKATA] the crux of the finding that the assets which have been held as investments have been sold on account of capital and not for business. We are inclined to hold the issue as covered in favour of the assessee, in so far as, the Revenue has not been able to bring out any controverting material which the assessee has submitted that the case laws cited fairly cover the facts which the ld. CIT(A) accepted and allowed the assessee’s appeal who confirmed the returned income on sale of shares as for capital gains. The appeal of the revenue stands dismissed Addition u/s 14A r.w.s. Rule 8D - HELD THAT:- In the instant case the ld. CIT(A) has calculated the disallowance under section 14A r.w.r. 8D of Income Tax Rules after taking the net interest expenditure. We find that the view taken by the ld. CIT(A) is supported with the order of Trade Apartments Limited [2012 (3) TMI 421 - ITAT KOLKATA] . In view of the above proposition of law, we find no reason to interfere in the order of ld. CIT(A). Hence this ground of appeal of the revenue is dismissed.
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