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2016 (3) TMI 1404 - AT - Income TaxDisallowance u/s 14A - CIT(A) restricted the disallowance - HELD THAT:- We have also noted that in the recent judgment of Hon’ble High Court of Bombay in the case of HDFC Bank Ltd.[2016 (3) TMI 755 - BOMBAY HIGH COURT] has approved the proposition that no disallowance of expenditure can be made u/s 14A of the Act with respect to the shares held by tax payers as stock-in-trade whereby the decision of the Mumbai Tribunal in India Advantage Securities Limited . [2012 (11) TMI 458 - ITAT, MUMBAI] was confirmed by Hon’ble Bombay High Court [2015 (6) TMI 140 - BOMBAY HIGH COURT] whereby Hon’ble Bombay High Court held that no substantial question of law arise from the decision of Mumbai Tribunal in the case of India Advantage Securities Private Limited. Respectfully following the above binding judicial precedents of Hon’ble Bombay High Court in India Advantage Securities Private Limited and HDFC Bank Limited(supra) and decision of Hon’ble Karnataka High Court in the case of CCI Limited(supra), we dismiss the appeal filed by the Revenue.
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