TMI Blog2023 (10) TMI 783X X X X Extracts X X X X X X X X Extracts X X X X ..... 21 (9) TMI 566 - SUPREME COURT] We may note that there appears to be no dispute that subject shares were held as stock in trade by the respondent/assessee. Therefore, in any event, recourse to Section 14A could not have been taken which is concerned with investments. No substantial question of law arises for our consideration. - HON'BLE MR. JUSTICE RAJIV SHAKDHER AND HON'BLE MR. JUSTICE GIRISH KATHPALIA For the Appellant Through: Mr Puneet Rai, Sr. Standing Counsel with Mr Ashvini Kumar and Mr Rishabh Nangia, Advs. For the Respondent Through: Mr Sumit Lalchandani, Adv. RAJIV SHAKDHER, J. (ORAL): CM No.49014/2023 [Application filed on behalf of the appellant seeking condonation of delay of 370 da ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re actually sold? B. Whether in the facts and circumstances of the case, the Hon ble ITAT as well as the Ld. CIT[A] has erred in deleting the disallowance of Rs. 187,35,15,770/- made by the AO out of the contribution to Punjab Sind Bank Employee s Pension Fund Trust since the above contribution were neither the ordinary annual contribution nor the initial contribution of the pension fund? C. Whether in the facts and circumstances of the case, the Hon ble ITAT as well as the Ld. CIT[A] has erred in deleting the disallowance of Rs. 13,63,83,000/- made by the AO u/s 14A read with under Rule 8D(2)(ii) and 8D(2)(iii), as the assessee had made investment and the provisions of section 14A are applicable in the case? 8. Mr Puneet ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ive Bank Ltd. [2007] 160 Taxman 48/289 ITR 6 (SC), wherein this Court had held that investments made by a banking concern is part of their banking business. Hence the income earned through such investments would fall under the head Profits and Gains of business. The Punjab and Haryana High Court, in the case of Pr CIT v. State Bank of Patiala [2017] 88 taxmann.com 667/393 ITR 476 (Punj. Har.), while advertising to the CBDT Circular, concluded correctly that shares and securities held by a bank are stock-in-trade, and all income received on such shares and securities must be considered to be business income. That is why section 14A would not be attracted to such income . 11. We may note that there appears to be no dispute that subje ..... X X X X Extracts X X X X X X X X Extracts X X X X
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