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TMI Blog2019 (11) TMI 342X X X X Extracts X X X X X X X X Extracts X X X X ..... s stand disposed of in the aforesaid terms. ITA 904/2019 and ITA 906/2019 3. The present appeals are directed against the order dated 09.01.2019 passed by the Income Tax Appellate Tribunal in ITA No. 1441 and 1442/Del/2015 in respect to the assessment year 2011-12 and 2012-13 in respect of the respondent. The Tribunal has dismissed the said appeals preferred by the appellant. The Tribunal held, on the issue of disallowance of contribution made to the Employees Provident Fund Trust which the respondent assessee claimed as its legitimate business expenditure, in favour of the respondent assessee and upheld the order passed by CIT (A). While doing so, the Tribunal followed its decision in the case of DSIT v. Ranbaxy Laboratories Limited (200 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that although no appeal was filed by the Revenue against the order of the Bombay High Court in M/s. Glaxo Smithkline Pharmaceuticals (supra), the Revenue has filed Special Leave Petitions before the Supreme Court against the subsequent orders passed in 2013. However, no stay has been granted thereof. Consequently, the Court declines to frame a question on this issue." 4. In our view, since this Court has already taken a view in the matter, no question of law arises on this aspect. 5. Insofar as the disallowance of expenditure under Section 14A is concerned, the ITAT has relied upon the decision of the Supreme Court Maxopp Investment Ltd vs. CIT (2018), 402 ITR 640 (SC). The decision of the Supreme Court reads as follows: "48. In those ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unjab and Haryana High Court has arrived at a correct conclusion by affirming the view of ITAT, though we are not subscribing to the theory of dominant intention applied by the High Court. 50. It is to be kept in mind that in those cases where shares are held as "stock-in-trade", it becomes a business activity of the assessee to deal in those shares as a business proposition. Whether dividend is earned or not becomes immaterial. In fact, it would be a quirk of fate that when the investee company declared dividend, those shares are held by the assessee, though the assessee has to ultimately trade those shares by selling them to earn profits. The situation here is, therefore, different from the case like Maxopp Investment Ltd. where the a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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