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2015 (11) TMI 1261 - AT - Income TaxLoss incurred in share dealing - CIT(A) allowed the set off against income from brokerage and commission - Held that:- As per the exception in Explanation to Section 73, if more than 50% of the Gross Total Income of the assessee consists of income chargeable under Four heads excluding income from business, then the provisions of Explanation to section 73 are not applicable. There is no infirmity in the order of CIT (A) on this aspect because the same is in line with the judgment of Hon’ble Allahabad High Court rendered in the case of Narain Properties Ltd. (2012 (6) TMI 38 - ALLAHABAD HIGH COURT). Thereafter, he has given a finding of fact that income from Brokerage and Commission in the present case is income from other sources and it is more than loss incurred in share dealing. Under these facts, he held that the provisions of Explanation to section 73 are not applicable in the present case. - Decided against revenue Ad hoc disallowance of Repairs & maintenance & Power & Fuel Expenses - CIT(A) restricted part addition - Held that:- as against the estimation of the A.O. that expenses of ₹ 2 Lacs under each of these two heads are not verifiable because ₹ 5 Lacs and ₹ 12 lacs are incurred in cash, the estimate of the learned CIT (A) is this that disallowance of ₹ 50,000/- under each head is reasonable. In our considered opinion, in the facts of the present case, the estimation of the AO is excessive and that of CIT (A) is reasonable and hence, on this issue also, we find no reason to interfere in the order of CIT (A). - Decided against revenue
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