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2019 (5) TMI 1131 - HC - Income TaxAddition made u/s. 14A r.w.r. 8D upto the exempt income earned by the assessee - HELD THAT:- It not disputed by the appellant-revenue that the issue involved herein is concluded by the decision of this Court in The Pr. Commissioner of Income Tax, Patiala v. State Bank of Patiala [2017 (5) TMI 843 - PUNJAB AND HARYANA HIGH COURT] wherein it was held that the amount of disallowance under Section 14A of the Act was restricted to the amount of exempt income only and not at a higher figure. Also see MAXOPP INVESTMENT LTD. VERSUS COMMISSIONER OF INCOME TAX, NEW DELHI AND PRINCIPAL COMMISSIONER OF INCOME TAX-I VS. D.B. CORP LTD. [2018 (3) TMI 805 - SUPREME COURT] whenever dividend is declared by the investee company that would necessarily be earned by the assessee and the assessee alone. Therefore, even at the time of investing into those shares, the assessee knows that it may generate dividend income as well and as and when such dividend income is generated that would be earned by the assessee. In contrast, where the shares are held as stock-in-trade, this may not be necessarily a situation. The main purpose is to liquidate those shares whenever the share price goes up in order to earn profits - Decided against revenue.
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