TaxTMI 
TaxTMI 
TaxTMI 
2015 (11) TMI 7
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.... BILLAIYA, AM: These are cross appeals by the Revenue and the assessee against the very same order of the Ld. CIT(A)-8, Mumbai dated 24.8.2010 pertaining to Assessment year 2007-08. Both these appeals were heard together and are disposed of by this common order for the sake of convenience and brevity. ITA No. 7483/M/2010 - Revenue's appeal 2. The first grievance of the Revenue is that the Ld. ....
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....Ld. CIT(A) directed the AO to compute the disallowance as per the formula given here under: Total Expenditure (Direct & Indirect) X Value of transaction yielding exempt income Value of Total Transactions 4. Aggrieved by this, the Revenue is before us and assessee is also in appeal against this finding of the Ld. CIT(A) qua ground No. 1 of ITA No. 7695/M/2010. 5. The Ld. Departmental Representa....
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....assessee's appeal are partly allowed. 8. Ground No. 2 relates to the deletion of the disallowance made u/s. 40(a)(ia) in respect of VSAT charges and Leaseline charges paid to stock exchange. 9. At the very outset, the Ld. Counsel for the assessee stated that this issue is squarely covered in favour of the assessee and against the Revenue by the decision of the Hon'ble Bombay High Court in the ca....
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....e, ground No. 1 has been decided alongwith ground No. 1 of Revenue's appeal and is partly allowed. 14. Ground No. 2 relates to the treatment of Short Term Capital Gain as business income. 15. While scrutinizing the return of income, the AO noticed that the assessee has purchased and sold the shares at short duration. Therefore, the assessee was asked to explain why the Short Term Capital Gain sh....