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TMI Blog2022 (2) TMI 1389X X X X Extracts X X X X X X X X Extracts X X X X ..... be allowed to the set off against speculation loss treated under Section 73, profit of sale of shares to be treated as Long Term Capital Gain and Short Term Capital Gain instead of normal business income, disallowance of interest expenditure ought to have been made under Rule 8D(2)(ii) and only dividend yielding investment are to be taken into account while calculating the disallowance under Secti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... DER The Court : This appeal by the revenue filed under Section 260A of the Income Tax Act, 1961 (the Act) is directed against the order dated 3rd May, 2017 passed by the Income Tax Appellate Tribunal, "B" Bench, Kolkata (Tribunal) in ITA No.1302/Kol/2014 for the assessment year 2009-10. The revenue has raised the following substantial questions of law for consideration : a) Whether on the fac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction, non-maintenance of separate demat account of investment and for trading suggests that sale of shares are normal business income in nature? c) Whether on the facts and in the circumstances of the case the Learned Income Tax Appellate Tribunal, "B" Bench Kolkata, erred in law in holding that the disallowance of interest expenditure ought to have been made under Rule 8D(2)(ii) of the Income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ndent/assessee. Learned senior counsel appearing for the respondent/assessee submitted that the tax effect for the assessment year under consideration is below the threshold limit fixed by the CBDT Circular. In this regard, our attention was drawn to the Income Tax Computation Form appended to the assessment order from which we find that the total income computed is Rs. 1,04,65,829/- and the tax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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