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DCIT, - 6, Kanpur Versus M/s Dinesh Oils Ltd and Vica-Versa

2015 (11) TMI 1261 - ITAT LUCKNOW

Loss 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 Allah .....

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uel 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 .....

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CIT (A) - II Kanpur Dated 24.02.2014 for A.Y. 2008 - 09. 2. The revenue has raised Five grounds but the effective grievances are two. First grievance is about relief allowed by learned CIT (A) by holding that loss of ₹ 22,36,156/- incurred by the assessee in share dealing is to be set off against income from brokerage and commission. The second grievance is about restricting the ad hoc disallowance of ₹ 200,000/- each made by the AO out of Repairs & maintenance & Power & .....

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one through the orders of the lower authorities and the judgments cited by the learned AR of the assessee. We find that the decision of learned CIT (A) in Para 8 page 16 of his order is this 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) .....

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