TMI Blog2017 (11) TMI 677X X X X Extracts X X X X X X X X Extracts X X X X ..... e, conveyance expense and diwali expenses - Held that:- According to AO, the expenses are not fully vouched and hence, he disallowed by estimating at the rate of 10% and accordingly, he disallowed ₹ 75,000. Aggrieved, assessee preferred the appeal before CIT(A). The CIT(A) also confirmed the action of the AO. As the assessee is unable to controvert the findings of the Assessing Officer even now before us, the assessee could not substantiate the disallowance made by the AO, hence, we confirmed the disallowance. - ITA No. 3884-3885/Mum/2016 - - - Dated:- 10-11-2017 - Sri Mahavir Singh, JM And Sri G. Manjunatha, AM Assessee by : Ravikanth S Pathak, AR Revenue by : Ram Tiwari, DR ORDER Per Mahavir Singh, JM These ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stock-in-trade. The Appellant submits that it has filed the audited financial statement before AO as well as before Hon'ble CIT(A) wherein securities held as stock-in-trade has been shown separately which has been considered by the AO for making the disallowance u/s 14A r.w. Rule SD of the I.T. Rules. (c) The CIT (A) erred in not adjudicating the ground that investments in subsidiary companies shall not be considered for disallowance under Rule 8D(7)(ii) (iii) of the I.T. Rules. (d) The CIT (A) erred in not adjudicating the ground that investments in Non-convertible Debentures shall not be considered for making the disallowance under Rule 8D(ii) (iii) of the I.T. Rules. 3. Briefly stated facts are that in AY 201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... el for the assessee relied on the decision of this co-ordinate Bench in the case of DCIT vs. India Advantage Securities Ltd. in ITA No. 6711/Mum/2011 for AY 2008-09 vide order dated 14.09.2012 and which was affirmed by Hon ble Bombay High Court in ITA No. 1131 of 2013 vide order dated 17-03-2015, when this was pointed out to the learned Counsel for the assessee, the investments which are held as stock-in-trade and given exempt income, he fairly conceded that the issue can be remitted back to the file of the AO for verification that whatever income earned on investments which are kept as stock-in-trade and no disallowance can be made by invoking the provisions of section 14A of the Act read with Rule 8D of the Rules . On this proposition, th ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
