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TMI Blog2025 (5) TMI 288X X X X Extracts X X X X X X X X Extracts X X X X ..... ands disposed of. CM APPL. 23797/2025 (condonation of delay in filing) 3. For the reasons stated in the application, the delay of 115 days in filing the above captioned appeal is condoned. 4. The application stands disposed of. CM APPL. 23796/2025 (Exemption) 5. Exemption is allowed, subject to all just exceptions. 6. The application stands disposed of. ITA 111/2025 7. The Revenue has filed the present appeal under Section 260A of the Income Tax Act, 1961 [the Act] impugning an order dated 07.02.2024 [impugned order] passed by the learned Income Tax Appellate Tribunal [ITAT] in ITA No. 8688/Del/2019 in respect of the Assessment Year [AY] 2016-17. 8. The aforementioned appeal [ITA No. 8688/Del/2019] was preferred by the Revenue agai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ind 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. 13,04,85,000/- 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?" 12. Undisputedly, the aforesaid questions are covered by the earlier decision of this court in the Assessee's own case being Pr. Commissioner of Income Tax-7, Delhi v. M/s Punjab and Sindh Bank: Neutral Citation No.: 2023:DHC:7555-DB. The said order p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce 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 Rai, learned senior standing counsel, who appears on behalf of appellant/revenue, fairly informs us that insofar as proposed questions A&B are concerned, they are covered by the decision of the coordinate bench of this court dated 18.09.2017, passed in ITA No. 737/2017, titled Principal Commissioner of Income Tax-07 vs Punjab & Sind Bank. 9. Likewise, insofar as proposed question 'C' is concerned, Mr Rai informs us that it is covered by the decision of another coordinate bench of this court dated 16.10.2019, passed in ITA No. 904 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 subject shares were held as stock in trade by the respondent/assessee. 11.1 Therefore, in any event, recourse to Section 14A could not have been taken which is concerned with investments. 12. Given the aforesaid circumstances, we are of the view that no substantial question of law arises for our consideration. 13. Since we are informed that a Special Leave Petition (SLP) against the aforementioned ITAs has been preferred, the parties will abide by the final decision in that SLP. 14. Accordingly, the appeal is closed. 15. Parties will act based on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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