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2020 (12) TMI 396 - AT - Income TaxCorrect head of income - profit on sale of shares - business income or income from Capital Gains - HELD THAT:- In the present case, there is no dispute that all the shares are delivery based and same has been shown in the separate investment portfolio. Further, assessee has treated all the delivery based shares in investment portfolio and made entries to that effect in his books of accounts. Further, the respondent Revenue consistently accepted the treatment of shares and the profits arising thereon as capital gain for A.Ys. 2008-09 and 2009-10. The intention of the assessee is clearly established in treating the same as shares in investment portfolio for the earlier two years and respondent Revenue consistently accepted the said treatment shown by the assessee. Therefore, in our opinion, the order of ld.CIT(A) is liable to be set aside in terms of principle laid down by the Hon’ble Jurisdictional High Court in Gopal Purohit [2010 (1) TMI 7 - BOMBAY HIGH COURT] which was upheld by the Hon’ble Supreme Court [2010 (11) TMI 222 - SC ORDER] - Decided in favour of assessee. Disallowance u/s 14A r.w.r 8D - HELD THAT:- Disallowance made by the AO is not maintainable but however, we restrict the addition to an extent of exempt income - See M/s. Nirved Traders Pvt. Ltd. [2019 (4) TMI 1738 - BOMBAY HIGH COURT]
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