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2016 (8) TMI 1530 - AT - Income TaxDisallowance u/s 14A - HELD THAT:- As before us the stand of the assessee is that so far as assessment year 2004-05 is concerned it is squarely covered by the decision from Hon’ble Bombay High Court in CIT vs. India Advantage Securities Ltd. [2012 (11) TMI 458 - ITAT, MUMBAI]. Since, the assessee received dividend on shares and mutual fund units acquired and held as stock in trade and since the assessee itself disallowed a sum suo moto as expenditure attributable to the earning income. The issue is squarely covered by the decision from Hon'ble jurisdictional High Court in CIT vs India Advantage Securities Ltd.(supra), therefore, the disallowance u/s 14A r.w.r 8D is not required to be made and therefore, cannot be sustained in view of the foregoing decision. Accordingly, the order of the Ld. Commissioner of Income Tax (Appeal) is set-aside and Ld. Assessing Officer is directed to delete the addition made u/s 14A r.w.r 8D of the rules. Appeals of the assessee are allowed.
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