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Dy. CIT (OSD) Versus Shree Durga Capital Ltd., Mumbai

2015 (8) TMI 1252 - ITAT MUMBAI

Disallowance made u/s.14A - CIT(A) deleted the addition - whether the shares held by an assessee under the head stock in trade can be considered for making disallowance u/s.14A of the Act r.w.rule 8D of Rules? - Held that:- The issue has been conclusively decided in the case of India Advantage Securities Ltd.(2015 (6) TMI 140 - BOMBAY HIGH COURT) wherein clearly held that the disallowance if any to be made u/s.14A and rule 8 D could only be made with regard to investments and not for the shares .....

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ated:- 3-8-2015 - Sh. A.D. Jain,Judicial Member & Rajendra,Accountant Member For the Petitioner : Shri Anuj Kishnadwala - AR For the Respondent : Shri S.M. Keshkamat-DR PER RAJENDRA, AM Challenging the order dt.09.08.2011 of CIT(A)-41,Mumbai the Assessing Officer(AO),has raised following Grounds of Appeal: 1."Whether on the facts and in the circumstances of the case and in law, the Ld. CIT(A) was justified in directing the Assessing Officer to re-compute the disallowance under section 1 .....

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g Officer be restored. The appellant craves leave to amend or alter any grounds or add a new ground which may be necessary. Assessee-company,engaged in the business of trading and investment in shares,filed its return on 11.09.2008,declaring income of Rs. (-)61,00,054/-.The AO completed the assessment on 29.10.2010,u/s. 143(3) of the Act,determining the income of the assesse at (-)17.67 lacs. 2.Effective ground of appeal is about deletion of disallowance made u/s.14Aof the Act.During the assessm .....

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see has not submitted any evidence to show that no portion of the expenses claimed in its P&L account were in relation to the exempt income.Applying the provisions of 7404/M/11 (08-09)Durga Capital Section 14A and Rule 8D of the Income-tax,Rules,1962(Rules),the AO disallowed an amount of ₹ 43.32 lacs and added it to the total income of the assessee . 3. Aggrieved by the order of the AO,the assessee preferred an appeal before the First Appellate Authority(FAA).Before him,it was argued t .....

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