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TMI Blog2019 (7) TMI 355X X X X Extracts X X X X X X X X Extracts X X X X ..... were added by the AO under section 14A of the Income Tax Act, 1961 read with Rule 8D of the Income Tax Rules, 1962. 2. Facts on all vital points are common in both the years. Therefore for the facility of reference we take up the facts mainly from the Asstt.Year 2011- 12. 3. The assessee is an individual at the relevant time. She was deriving income from trading in shares securities, derivative transaction and salary income in the Asstt.Year 2014-15. She has filed her return of income on 29.9.2012 and 29.9.2014 declaring total income at Rs. 38,30,550/- and Rs. 13,11,800/- in the Asstt.Year 2012-13 and 2014-15. Her case in both the assessment years were selected for scrutiny and notices under section 143(2) were served upon her. On scruti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... no. 36) The bank statement of PPF deposit is attached herewith :- Date Type of transaction Cheque Number Amount PPFPage No. Bank-Page No. 11-11-2011 PPF Account 00091 70,000/- 39 50 30-03-2012 PPF Account 114 30,000/- 39 54 Thus, we have made investment in PPF out of PPF maturity amount. Hence the addition of interest expenditure qua PPF interest under section 14A is wrongly added to our taxable income . 2. Addition of Dividend income amounting to Rs. 46,625/- We had balance in the proprietor's capital account amounting to Rs. 42,08,954/-.(Margin of Rs. 15,84,498/-) during the assessment year 2012-13. (Refer page No. 25) The balance out standing in Mutual Fund Rs. 5,48,000/- and in Shares Rs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dition to the extent of Rs. 29,989/- deserves to be deleted. We delete accordingly. 6. As far as addition of Rs. 46,625/- on account of share dividend is concerned, the contentions of the assessee is that she has capital of Rs. 42,08,954/- out of which it can be alleged that she made investment. She made reference to page no.25 and 28 of the paper book. We have perused it. No doubt on page no.25 proprietor's capital has been shown at Rs. 42,08,954/- as on 31.3.2012, but her investments are more than this. Her total investment was at Rs. 1,33,52,645/-. The break-up of that investment is available at page no.28 in schedule-4. Against immovable properties she has shown investment of Rs. 9,98,150/-. Now what are these immovable properties, is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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