9911796707
TMI Blog2015 (7) TMI 1364X X X X Extracts X X X X X X X X Extracts X X X X ..... eived dividend income to the tune of ₹ 15.29 lakhs. Assessee has indulged in quite number of transactions during the year and hence, we see no merit in the contentions of the assessee that it did not incur any expenses for earning the dividend income. Considering the number of transactions, quantum of aggregate expenditure as well as fact that the assessee has received dividend income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ai for assessment year 2005-06, wherein he has confirmed the disallowance of ₹ 50,000/- made under section 14A of the Income Tax Act, 1961 (the Act) 2. The assessee is carrying on the business of international freight forwarding. During the course of assessment proceedings, the AO noticed that the assessee has earned dividend income of ₹ 15.29 lakhs, which was claimed to be exempt f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f ₹ 50,000/- only in the original assessment proceedings, the AO made disallowance of ₹ 50,000/- only in the set aside proceedings also. The same was confirmed by the ld. CIT(A) and hence, the assessee has filed this appeal before us. 3. Shri Atul M Deshpande, an employee of the assessee appeared before us and submitted that about 99.8% dividend income has been received by the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unds during the year under consideration and it has closed investments made in six schemes, which were standing at the beginning of the year. The assessee has also received dividend income to the tune of ₹ 15.29 lakhs. Thus we notice that the assessee has indulged in quite number of transactions during the year and hence, we see no merit in the contentions of the assessee that it did not inc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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