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2016 (6) TMI 884 - ITAT MUMBAI

2016 (6) TMI 884 - ITAT MUMBAI - TMI - Disallowance made under section 14A on shares and securities held as stock–in–trade - Held that:- Shares and securities held as stock–in–trade cannot be considered for the purpose of disallowance under section 14A r/w rule 8D. See R.R. Chokhani Stock Broker Pvt. Ltd. [2016 (6) TMI 879 - ITAT MUMBAI] - ITA No. 6825/Mum./2014 - Dated:- 15-6-2016 - Shri Saktijit Dey, Judicial Member And Shri Ramit Kochar, Accountant Member For the Assessee : Shri Ramakant R. C .....

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ugned assessment year on 21st September 2010, declaring total income of ₹ 67,90,750. As stated by the Assessing Officer, assessee is engaged in the business of share trading and stock broker. In the course of assessment proceedings, the Assessing Officer noticed that during the relevant previous year, assessee had earned exempt income by way of dividend amounting to ₹ 20,66,938. Further, assessee has allocated expenditure of ₹ 30,000 under section 14A towards earning of such ex .....

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it was submitted by the assessee that while computing disallowance under section 14A r/w rule 8D, the Assessing Officer has also included the shares held as stock-in-trade, the income from which is taxable as business income. He submitted, as stock-in-trade is not an exempt income yielding investment, it cannot be considered as part of average value of investment in terms of rule 8D(2)(iii). The learned Commissioner (Appeals), however, did not find merit in the submissions of the assessee. Relyi .....

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