https://www.taxtmi.com/caselaws?id=338928 The Court upheld the ITAT order deleting disallowance under Section 14A of the Income Tax Act, emphasizing the need for the assessee to disclose the source of acquisition of shares. It noted that Section 14A does not apply if no expenditure was incurred for earning exempt dividend income, and Rule 8D was found inapplicable as the shares were treated as stock in trade. The Court dismissed the Revenue's reliance on Rule 8(D) and CBDT Circular, ruling that no substantial question of law arose due to clear factual findings, leading to the dismissal of the appeal. en-us Fri, 10 Feb 2017 00:00:00 +0530 Sat, 01 Apr 2017 14:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338928 The Court upheld the ITAT order deleting disallowance under Section 14A of the Income Tax Act, emphasizing the need for the assessee to disclose the source of acquisition of shares. It noted that Section 14A does not apply if no expenditure was incurred for earning exempt dividend income, and Rule 8D was found inapplicable as the shares were treated as stock in trade. The Court dismissed the Revenue's reliance on Rule 8(D) and CBDT Circular, ruling that no substantial question of law arose due to clear factual findings, leading to the dismissal of the appeal. Case-Laws Income Tax Fri, 10 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338928