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2017 (4) TMI 1516 - AT - Income TaxDisallowance u/s 14A r.w.r. 8D - assessee is a trader in shares and held the shares and stocks as stock in trade - HELD THAT:- We find that the issue is squarely covered in favour of the assessee in the case of India Advantage Securities Ltd. [2015 (6) TMI 140 - BOMBAY HIGH COURT] and in assessee’s own case by the order of Tribunal in earlier years wherein held entire funds of the assessee except small amount pertaining to the partner capital balance are interest bearing funds. Even a lay man on perusal of the financial statement of the assessee firm can decide the issue in the favour of revenue that interest bearing funds were utilized for purchase in shares. Therefore, that the contention of the assessee that interest bearing fund were not used for purchase in shares is not correct Respectively following the same, we delete the disallowance and allowed the claim of the assessee. - Decided in favour of assessee.
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