TMI Blog2017 (4) TMI 1516X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee s own case by the order of Tribunal in earlier years wherein held entire funds of the assessee except small amount pertaining to the partner capital balance are interest bearing funds. Even a lay man on perusal of the financial statement of the assessee firm can decide the issue in the favour of revenue that interest bearing funds were utilized for purchase in shares. Therefore, that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eal of assessee is against the order of CIT(A) confirming the action of the AO in disallowing the expenses relatable to exempted income by invoking the provisions of section 14A read with Rule 8D of the rules despite the fact that the assessee is a trader in shares and held the shares and stocks as stock in trade. 3. At the outset, the learned Counsel for the assessee Ms Rutuja N. Pawar drew ou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... issue in the favour of revenue that interest bearing funds were utilized for purchase in shares. Therefore, that the contention of the assessee that interest bearing fund were not used for purchase in shares is not correct 4. In view of the above the learned Counsel for the assessee stated that this fact was mentioned by the assessee before CIT(A) but he still confirmed the action of the AO. N ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and analyzed, before us the stand of the assessee is that so far as assessment year 2004-05 is concerned it is squarely covered by the decision from Hon ble Bombay High Court in CIT vs. India Advantage Securities Ltd. (1131 of 2013) order dated 13.04.2015. Since, the assessee received dividend of ₹ 1,68,00,931/- on shares and mutual fund units acquired and held as stock in trade and since th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... earing both the sides and going through the facts of the case. We find that the issue is squarely covered in favour of the assessee by the decision of Hon ble Bombay High Court in the case of India Advantage Securities Ltd. (supra) and in assessee s own case by the order of Tribunal in earlier years. Respectively following the same, we delete the disallowance and allowed the claim of the assessee. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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