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Dewsoft Overseas Pvt. Ltd. Versus ACIT Range- 10 New Delhi

2017 (1) TMI 808 - ITAT DELHI

Disallowance u/s 14A - application of rule 8D - Held that:- 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 expenses relating to administration as provided by rule 8D (2) (iii) of the rules 1962. Considering the assessment year involved, we agree with the plea advanced by the Ld. DR that the assessing officer was duty bound to calculate the disallowance by applying rule 8D. We do not agree with t .....

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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. Commissioner of Income Tax (Appeals) erred in confirming the action of the Ld. Assessing Officer in treating the investment in shares made b .....

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Tax (Appeals) erred in confirming the action of the Ld. Assessing Officer making the disallowance of ₹ 4,68,503/- under Section 14A of the Income Tax Act, 1961 read with Rule 8D of the Income Tax Rules, 1962. 5. That on the facts and circumstances of the case and in law the Ld. Commissioner of Income Tax (Appeals) erred in confirming the action of the Ld. Assessing Officer levying interest under Section 234B of the Income Tax Act, 1961. 6. That on the facts and circumstances of the case an .....

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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 ma .....

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wed an expenses of ₹ 4,68,503/- and towards expenses relating to the earning of exempt income. Aggrieved by the assessment order passed, assessee preferred an appeal before Ld. CIT(A) who upheld the findings of Ld. AO. Aggrieved by the order passed by Ld. CIT (A) assessee is in appeal before us. 4. Ground No. 1 raised by the assessee s general in nature, ground No. 2 and 3 relates to the issue of treating the investment in shares made by the assessee as stock in trade and ground No. 4 rela .....

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ssions advanced by both the sides. 7. It is observed that 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 .....

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No. 2 of the appeal of the Revenue, the depreciation has been rightly allowed by the CIT(A) on the basis of decision in the case of M/s. Datacraft India Limited vs. DCIT passed by the Special Bench ITAT Mumbai and also Delhi High Court's decision in case of CIT vs. BSES Rajdhani Power Ltd. wherein it was held that computer accessories and peripherals such as printers, scanners and server etc. form an integral part of the computer system and are therefore, entitled to depreciation @ 60%. The .....

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essee. Ground No. 4 9. Ld. AR submitted that there has been no expenses that has been incurred by assessee for earning exempt income for the year under consideration and Assessing Officer has wrongly calculated the disallowance by invoking section 14A read with rule 8D. 10. On the contrary 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 consid .....

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