https://www.taxtmi.com/caselaws?id=352660 The Tribunal ruled in favor of the assessee, deleting the disallowance of Rs. 43,00,862 under section 14A r.w.r 8D of the Income Tax Rules. It held that section 14A did not apply to traders of shares and securities due to their business nature and lack of investment intent. Emphasizing consistency in judicial interpretation, the Tribunal set aside the CIT(A)'s order and directed the Assessing Officer to delete the disallowance, highlighting the importance of considering the business context in tax provisions' applicability. en-us Mon, 18 Dec 2017 00:00:00 +0530 Tue, 19 Dec 2017 08:50:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=352660 The Tribunal ruled in favor of the assessee, deleting the disallowance of Rs. 43,00,862 under section 14A r.w.r 8D of the Income Tax Rules. It held that section 14A did not apply to traders of shares and securities due to their business nature and lack of investment intent. Emphasizing consistency in judicial interpretation, the Tribunal set aside the CIT(A)'s order and directed the Assessing Officer to delete the disallowance, highlighting the importance of considering the business context in tax provisions' applicability. Case-Laws Income Tax Mon, 18 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=352660