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2017 (12) TMI 929 - AT - Income TaxDisallowance under section 14A r.w.r 8D - assessee is engaged in the business of trading - Held that:- We find that the assessee is engaged in the business of trading in shares and derivatives of shares and commodities, sub-broking etc. We find from the orders of authorities below that the earning of the dividend by the assessee from the shares and securities held as stock-in-trade was only ancillary. In our opinion, since the assessee is doing the business of trading in shares and securities and was not making any investments in the securities as investor, therefore, section 14A r.w.r 8D cannot be applied to the case of the assessee. The case of the assessee is supported by the a number of decisions of the tribunal taking a view that no disallowance is attracted in case of traders of shares and securities. Since the assessee is doing the business of trading in shares and securities and was not making any investments in the securities as investor, therefore, section 14A r.w.r 8D cannot be applied to the case of the assessee. - Decided in favour of assessee.
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