TaxTMI 
TaxTMI 
2013 (7) TMI 514
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....ppeals)-III, Ahmedabad dated 31-03-2008 for assessment year (AY) 2004-05. The remaining appeals, one in the case of Hina N Parikh, and three in the case of Nitin B Parikh and two in the case of Prudent Finance Pvt. Ltd., total six appeals are filed by the Revenue and all sixteen COs are filed by these three assessees. All these appeals and COs were heard together and are being disposed of by way of this common order for the sake of convenience. 2. First we take up appeal filed by the assessee i.e., in ITA No. 1800/Ahd/2008 in the case of Hina N Parikh. The grounds raised by assessee are as under:- "1. On the facts and in the circumstances of the case, the CIT(A) has erred in not giving any finding relating to the validity of the....
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....t, decided by him. Hence, this issue is restored back to his file and Ld. CIT(A) is directed to decide this ground raised by assessee before him after providing reasonable opportunity of being heard to both sides. These two grounds of assessee's appeal stand allowed for statistical purposes. 6. In the result, assessee's appeal stands partly allowed for statistical purposes. 7. Now, we have taken up the appeal filed by the Revenue in the case of Hina N Parikh i.e., ITA No.2449/Ahd/2008 for AY 2006-07. Ground raised by Revenue is as under:- "1. The learned CIT(A) has erred in law and on facts in deleting the disallowance of interest expenses U/s. 14A of the Act." 8. Ld. CIT-DR of the Revenue supported the order of As....
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.... the judgment of Hon'ble Karnataka High Court rendered in the case of CCI Ltd. (supra) it was held that if the assessee is a dealer of shares and securities then it cannot be said that such purchases of shares and holding of shares were for the purpose of earning of dividend income and hence, expenditure incurred in acquiring these shares cannot be disallowed u/s. 14A of the Income-tax Act, 1961 (hereinafter referred to as 'the Act). In the present case, this is admitted position of fact that assessee is a dealer in shares and securities and this fact is noted by Assessing Officer also in his assessment order and inspite of this contention raised by Ld. AR of the assessee before us, nothing has been brought on record by Ld. CIT-DR o....
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....f Revenue are decided in favour of assessee and these appeals of Revenue are dismissed. 14. Now, we take up the COs filed by assessee in CO No.213- 218/Ahd/2008. Ld. AR of the assessee submitted that these COs are not pressed and accordingly all these COs are dismissed as not pressed. 15. Now, we take up two appeals filed by the Revenue in the case of Prudent Finance Pvt. Ltd. in ITA No.2450-2451/Ahd/2008. The only issue raised by Revenue in these two appeals is regarding deletion of disallowance of interest expenditure u/s. 14A of the Act made by Assessing Officer. 16. Both sides agreed regarding that this assessee also i.e., the company also, is dealing in shares and securities. Hence, this issue can also be decided on similar li....