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Shri Ramakant Ruliram Chokhani Versus Asstt. Commissioner of Income Tax

2016 (6) TMI 884 - ITAT MUMBAI

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 .....

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t ORDER Per Saktijit Dey, J. M. Instant appeal by the assessee is directed against the order dated 28th August 2014, passed by the learned Commissioner (Appeals)-8, Mumbai, for the assessment year 2010-011. 2. The only issue in dispute in the present .....

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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 rele .....

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ng Officer, disallowance of expenditure of ₹ 30,000 made by the assessee for earning of exempt income was not found to be on the basis of rule 8D. Accordingly, the Assessing Officer rejecting the claim of the assessee proceeded to compute the d .....

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hile 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 yieldin .....

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he Tribunal, Mumbai, in ITO v/s Daga Capital Management Pvt. Ltd., 117 ITD 169, the learned Commissioner (Appeals) held that even shares held as stock-in-trade can be considered for the purpose of disallowance under section 14A r/w rule 8D. 5. We hav .....

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l, Mumbai Bench, in R.R. Chokhani Stock Broker Pvt. Ltd. ITA no.6826/Mum./ 2014 dated 30th October 2015, wherein while deciding similar issue, the Tribunal has held that shares and securities held as stock-in-trade cannot be considered for the purpos .....

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ntage Securities Ltd., ITA no.6711/Mum./2011, dated 14th September 2011, has held as under:- 5.1 Following the aforesaid decision of the Tribunal, which has since been affirmed by the Hon'ble High Court vide its order dated 13/4/2015(supra), the .....

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