Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (11) TMI 388 - AT - Income TaxDepreciation @25% on BSE Trading Right - treating the same as an intangible asset - Held that:- As consequent to demutualization and corporatization Scheme of BSE, 2005, the shares were allotted to the assessee in lieu of the membership card and therefore, the depreciation against the same could not be allowed to the assessee. treating the same as an intangible asset. The issue, at present, stood covered against the assessee by the decision of this Tribunal rendered in Sino Securities (P.) Ltd. Vs ITO [2011 (11) TMI 535 - ITAT MUMBAI]. Disallowance u/s 14A read with Rule 8D - Held that:- As decided in ACIT Vs. Vireet Investment (P.) Ltd. [2017 (6) TMI 1124 - ITAT DELHI] whereas it has been held that for the purpose of computing disallowance, only those investments which yielded exempt income during impugned AY were to be considered. Therefore, finding strength the argument of Ld. AR, the matter stand remitted back to the file of Ld. AO to verify the computations made by the assessee in this regard. The Ld. AO is directed to consider only those investments which have yielded exempt income during the year. The assessee, in turn, is directed to provide necessary computations in this regard. This ground stand allowed for statistical purposes. The appeal stand partly allowed for statistical purposes. Disallowance of dealing error - AO has disallowed the same invoking the explanation to Section 73 treating the same as speculation business loss - Held that:- Both the lower authorities have proceeded on wrong footing in view of the fact that these were mere punching errors which arose in the normal course of brokerage business. The complete details of these transactions have already been placed in the paper-book. Viewing from any angle, these transactions cannot be said to have arisen out of speculation business as being concluded by the lower authorities. These losses have arisen on account of the fact that these are punching errors while executing the trades and considering the volume of overall business being carried out by the assessee, the proportion of these losses was very miniscule in nature. Therefore, by deleting the same, we allow this ground of appeal.
|