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TMI Blog2019 (1) TMI 1782X X X X Extracts X X X X X X X X Extracts X X X X ..... earned by the assessee, we allow the limited relief claimed on behalf of the assessee and restrict the disallowance made under section 14A read with Rule 8D to amount being the amount of dividend income actually earned. - Decided partly in favour of assessee. X X X X Extracts X X X X X X X X Extracts X X X X ..... ofit with least intention to earn dividend income coming as a windfall. 4. For that in view of the facts and circumstances of the case the Ld. CIT(A) was wholly wrong and unjustified in not considering the facts emerging from the Audited a/cs that the shares held as "Stock-in-trade" were acquired/purchased by the assessee exclusively out of its own funds comprised of share capital and reserve & surplus and not out of any loan (the loans borrowed utilized in advancing loan) and as such no interest expense can be disallowed under Rule 8D(2)(i) & (ii) of the I. Tax Rules and Rule 8D(2)(iii), which is linked with investment in shares, is also not applicable as the assessee had no such share held as "Investment" . 5. Fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... judgment in the case of CIT v. Alom Extrusions Ltd. (2009) 319 ITR 306 (SC) and also ITAT, A-Bench, Kol's judgment dt 24.8.2016 in the case of Jalan Cement Works v. CIT ( ITA No. 1112/Kol/2013)". 2. At the time of hearing before the Tribunal, the ld. Counsel for the assessee has not pressed Grounds No. 6 & 7 raised by the assessee in this appeal. The same are accordingly dismissed as not pressed. 3. As regards the common issue involved in Grounds No. 1 to 5 relating to the disallowance of ₹ 8,81,839/- made by the Assessing Officer and confirmed by the ld. CIT(Appeals) under section 14A read with Rule 8D, the limited relief sought by the ld. Counsel for the assessee is that the exempt dividend income actually earned by the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X
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