https://www.taxtmi.com/caselaws?id=442976 Where a banking assessee holds securities as stock-in-trade in the ordinary course of business, dividend or similar exempt income is only incidental to the trading activity, so section 14A read with Rule 8D is not attracted on that basis. The Tribunal noted that the Revenue did not dispute the factual position that the securities were held as stock-in-trade, and applied the settled principle that expenditure relatable to such incidental exempt income cannot be disallowed under Rule 8D. The disallowance was therefore deleted. en-us Fri, 25 Aug 2023 00:00:00 +0530 Wed, 13 Sep 2023 10:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442976 Where a banking assessee holds securities as stock-in-trade in the ordinary course of business, dividend or similar exempt income is only incidental to the trading activity, so section 14A read with Rule 8D is not attracted on that basis. The Tribunal noted that the Revenue did not dispute the factual position that the securities were held as stock-in-trade, and applied the settled principle that expenditure relatable to such incidental exempt income cannot be disallowed under Rule 8D. The disallowance was therefore deleted. Case-Laws Income Tax Fri, 25 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442976