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2022 (6) TMI 650 - HC - Income TaxNature of loss from purchase and sale of share - speculation or non speculation loss - ITAT held that deployment of funds in the instant case is more in the business of money lending from where the interest was earned and further the income earned from sources other than share transactions and also in treating the loss so incurred by the assessee-company as non-Speculation Loss and Explanation to provision of Section 73 of the Income Tax Act, 1961 is not applicable in this case - HELD THAT:- The Tribunal confirmed such finding of the CIT (Appeals) made on facts.In the circumstances, we find no substantial question of law arises on the said two questions. Disallowance u/s 14A r.w.r.8D - ITAT upholding the order of the CIT(Appeals) – VIII, Kolkata in holding that the entire disallowance made by the Assessing Officer Rule 8D(2)(iii) of the Income Tax Act, 1961 is not applicable on this issue - HELD THAT:- Reading of the above finding of the tribunal which had approved the finding of the Commissioner of Income Tax (Appeals), we find that the tribunal has rightly taken note of the factual position and rejected the appeal filed by the revenue. That apart, the law under issue has been well-settled and under what circumstances the provision available under Rule 8D(2) can be made applicable and mechanical exercise of such power was held to be bad in law. Therefore, we find that no question of law much less substantial question of law arises for consideration on the third issue as well.
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