9911796707
TMI Blog2016 (6) TMI 884X X X X Extracts X X X X X X X X Extracts X X X X ..... sallowance under section 14A r/w rule 8D. See R.R. Chokhani Stock Broker Pvt. Ltd. [2016 (6) TMI 879 - ITAT MUMBAI] X X X X Extracts X X X X X X X X Extracts X X X X ..... section 14A towards earning of such exempt income. As observed by the Assessing Officer, disallowance of expenditure of ₹ 30,000 made by the assessee for earning of exempt income was not found to be on the basis of rule 8D. Accordingly, the Assessing Officer rejecting the claim of the assessee proceeded to compute the disallowance under section 14A r/w rule 8D at ₹ 9,87,346. Being agg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat even shares held as stock-in-trade can be considered for the purpose of disallowance under section 14A r/w rule 8D. 5. We have considered the submissions of the parties and perused the material available on record. At the outset, the learned Counsels appearing for both the parties agreed before us that the issue in dispute is squarely covered by the decision of the Tribunal, Mumbai Bench, in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for the purposes of working of disallowance under section 14A of the Act r.w. Rule 8D of the Rules. Accordingly, the disallowance under section 14A of the Act quantified by the income tax authorities at ₹ 17,45,347/- is untenable and the working of the disallowance furnished by the assessee during the assessment proceedings at ₹ 2,80,797/- is hereby affirmed. As a consiquence, I set-a ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
