TMI Blog2013 (12) TMI 648X X X X Extracts X X X X X X X X Extracts X X X X ..... he intention of earning dividend income which was incidental due to his sale of shares which remained unsold by the assessee - The assessee is liable to prove that the exempt income earned by him is out of the stocks held for trading purpose – The matter restored to the files of AO. - I.T.A. NO. 5393/M/2011 - - - Dated:- 6-2-2013 - Shri Dinesh Kumar Agarwal And Shri D. Karunakara Rao,JJ. Fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the order of the Ld CIT (A) on the above grounds be set aside and that of the AO be restored." 3. Briefly stated relevant facts of the case are that the assessee is engaged in the business of trading in shares and securities and also acts as a stock-broker for dealing in shares and securities. Assessee filed return of income declaring total income of Rs. 9,06,06,240/-. The same was scrutinised ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction 14A should not be applied to this kind of cases, where dividend was earned by the assessee out of shares held as stock-in-trade. For the purpose, Ld Counsel placed reliance on the judgment of Hon'ble Karnataka High Court in the case of M/s. CCI Ltd., vs. JCIT vide ITA No.359 of 2011 and also relied on various decisions of the ITAT which are mentioned here under:- (i)M/s. India Advantage Se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d decisions. 6. On the other hand, Ld DR has no objection if the whole of the grounds raised by the Revenue are set aside to the files of the AO for deciding the issue afresh. 7. We have heard both the parties, perused the material placed before us as well as the decisions cited by the Ld Counsel. On perusal of the above cited decisions, we find that so far as the legal principle is concerned, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... AO to decide the issue afresh in the light of the above cited decisions/judgments. Accordingly, the issue involved in the grounds is set aside to the files of the AO for fresh adjudication after granting a reasonable opportunity of being heard to the assessee. Accordingly, grounds raised by the Revenue are set aside. 8. In the result, appeal filed by the Revenue is allowed for statistical purpo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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