https://www.taxtmi.com/caselaws?id=391573 The ITAT dismissed the appeal, upholding the disallowance under Sec. 14A for exempt dividend income earned by the trading firm, despite shares being held as stock-in-trade. The decision aligned with the Supreme Court's interpretation in Maxopp Investments Ltd., emphasizing the applicability of Rule 8D and the purpose of earning exempt dividend income triggering Sec. 14A. The tribunal rejected the argument that Rule 8D did not apply in such cases, affirming the disallowance computed by the AO and disregarding contrary views from other benches and high courts. en-us Wed, 11 Dec 2019 00:00:00 +0530 Tue, 04 Feb 2020 12:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391573 The ITAT dismissed the appeal, upholding the disallowance under Sec. 14A for exempt dividend income earned by the trading firm, despite shares being held as stock-in-trade. The decision aligned with the Supreme Court's interpretation in Maxopp Investments Ltd., emphasizing the applicability of Rule 8D and the purpose of earning exempt dividend income triggering Sec. 14A. The tribunal rejected the argument that Rule 8D did not apply in such cases, affirming the disallowance computed by the AO and disregarding contrary views from other benches and high courts. Case-Laws Income Tax Wed, 11 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391573