TMI Blog2017 (1) TMI 808X X X X Extracts X X X X X X X X Extracts X X X X ..... . No. 1446/Del/2013 - - - Dated:- 9-1-2017 - Shri J. S. Reddy, Accountant Member And Smt. Beena A. Pillai, Judicial Member Appellant by : Sh. Tapas Ram Mishra, Sh. Shashank Sharma, Advs Respondent by : Sh. Anil Kumar Sharma, Sr. DR ORDER Per Beena A. Pillai, JM 1. The present appeal has been filed by the assessee against order dated 11.01.2013 passed by Ld. CIT (A) 13 for assessment year 2009-10 on the following ground of appeal: 1. That on the facts and circumstances of the case and in law, the order of the Ld. Commissioner of Income Tax (Appeals) is wrong, perverse, illegal, against the statutory provisions and liable to be set aside. 2. That on the facts and circumstances of the case and in law the Ld. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... time of hearing of the appeal. 2. Brief facts of the case are as under: Assessee filed its return of income declaring total income of ₹ 12,55,84,310/- on 30.09.2009 and the return was processed under section 143 (1) of the Act. Notices under section 143 (2) alongwith questionnaire under section 142 (1) of the Act was issued to the assessee. In response to these notices representatives of assessee appeared for the assessment proceedings. 3. The Ld. AO observed that assessee is a private limited company engaged in the business of providing online education. In order to fully utilise its surplus funds the assessee had entered into a discretionary portfolio management service agreement with Relegated Securities Ltd., in June 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat coordinate bench of this Tribunal for assessment year 2008-09 in ITA No. 1835/del/2012 in assessee s own case vide order dated 20.01.2016, has dealt with this issue on identical facts in para 7 which has been reproduced hereinbelow: 7. We have perused all the records and heard both the parties. As relates to Ground No. 1 of the Revenue the CIT(A) has rightly held that the transaction of shares carried, out by the assessee during the year should be treated as investments and the short term capital gain on sale of such shares shall be assessed under the head capital gain and not as business income. The reason being that the assessee's business was not that of share transaction but of providing online and real time education to ret ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rary the Ld. DR submitted that assessee has earned dividend income which is exempt and will not form part of the total income for the year under consideration. He further submitted that assessment year under consideration is 2009-10 and assessing officer was incumbent to calculate the disallowance under rule 8D. Further, he argued that assessee had made any suo moto disallowance for the year under consideration. He thus relied upon the orders passed by the authorities below. 11. We have perused the records placed before us in the light of the submissions advanced by both the parties. 12. It is observed that assessee had earned exempt income during the year under consideration and assessing officer has added 0.5% of such investment as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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