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2022 (2) TMI 1389 - CALCUTTA HIGH COURTMaintainability of appeal before HC on low tax effect - Tribunal holding that income of brokerage from dealing in shares in client account were to be allowed to the set off against speculation loss treated under Section 73, profit of sale of shares to be treated as Long Term Capital Gain and Short Term Capital Gain instead of normal business income, disallowance of interest expenditure ought to have been made under Rule 8D(2)(ii) and only dividend yielding investment are to be taken into account while calculating the disallowance under Section 14A - assessee submitted that the tax effect for the assessment year under consideration is below the threshold limit fixed by the CBDT Circular - HELD THAT:- As our attention was drawn to the Income Tax Computation Form appended to the assessment order from which we find that the total income computed is Rs. 1,04,65,829/- and the tax payable thereon in terms of the order of the assessing officer is nearly Rs. 35 lacs. Therefore, the appeal cannot be pursued by the revenue on the ground of low tax effect. Revenue appeal dismissed.
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