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TMI Blog2011 (7) TMI 1181X X X X Extracts X X X X X X X X Extracts X X X X ..... Tribunal ( ITAT for short) raises following substantial questions of law for determination of this Court. Whether the Appellate Tribunal is right in law and on facts in confirming the order passed by CIT(A) deleting the addition of ₹ 53,027/- made under Section 14A of the Act? Whether the Appellate Tribunal is right in law and on facts in confirming the order passed by CIT(A) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... factual aspects and noted that the assessee is engaged in the business of manufacturing of washing power, detergent cakes, tooth paste etc. in the name and style of Hipolin . 4.The assessee has made new investment of ₹ 7,21,328/- in shares. The dividend income on the said investment was also scrutinized and the Assessing Officer has disallowed the proportionate interest out of the intere ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... record as well as order of the CIT(A), Tribunal concluded that it was not possible to hold that the investment in shares was made out of interest bearing funds and it concurred with order of the CIT(A), dismissing that ground of the Revenue. 7. The next issue pertains to treating the sum of ₹ 7,85,405/- as that short-term capital gain and sum of ₹ 7,94,796/- as long term capital gai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... income and not capital gain. The Asssessing Officer had also supported its order by citing different judgments. 11.CIT(A) did not agree with the view of the Assessing Officer. On seeing the Memorandum of Association, it was of the opinion that there was no principal object of dealing in shares. It also supported its order with various judgments and concluded that though total number of turn ov ..... X X X X Extracts X X X X X X X X Extracts X X X X
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