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TMI Blog2014 (5) TMI 1228X X X X Extracts X X X X X X X X Extracts X X X X ..... se provisions are applicable to an assessee, who has been admitted to be a dealer in shares, as has been done by the AO in the present case. In CCI Ltd. [ 2012 (4) TMI 282 - KARNATAKA HIGH COURT] has held that if the assessee is a dealer of the shares and securities, it cannot be said that the purchases of the shares and holding of shares made by it were for the purpose of earning of dividen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... taking the following grounds:- 1. That on the facts and in the circumstances of the case, the learned Commissioner of Income Tax (Appeals)-XVIII, New Delhi (hereinafter called the CIT (A) for short) erred in confirming the action of the learned Additional Commissioner of Income Tax, Range-10, New Delhi (hereinafter called the AO for short) in disallowing the claim of the appellant that it had ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Rs.17,20,850/-, even though the claim of the assessee was that no expenditure had been incurred by it to earn the exempt income. By virtue of the impugned order, the ld. CIT (A) confirmed the disallowance. 4. Challenging the impugned order, the ld. Counsel for the assessee has contended that the assessee, even as admitted by the department, is a dealer in shares and that so, the provisions o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xpenditure against the said dividend income. 7. Undoubtedly, the assessee had not accounted for any expense concerning the dividend of Rs.29,83,855/-. The AO applied the provisions of Section 14A of the Act read with Rule 8D of the Rules. The issue is as to whether these provisions are applicable to an assessee, who has been admitted to be a dealer in shares, as has been done by the AO in the p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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