2016 (3) TMI 975

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.... following questions of law for our consideration:- "(1) Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in allowing as a deduction interest expenditure of Rs. 21,92,68,519/to the assessee even though the nature of the business of the assessee is share broking and not of financing and the claim of expenditure of interest was inadmissible under Section 37(1) of the I.T. Act, 1961? (2) Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in deleting the addition of Rs. 40,65,275/made by the Assessing Officer under Section 14A of the Income Tax Act on account of expenses incurred in relation to exempt dividend income even though Section 14A(2) reads....

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....al had refused to follow its decision in India Advantage Security Holding that Section 14A of the Act would have no application in respect of stockintrade on the ground that the Appeal from the above order was dismissed by this Court at the stage of admission. This Court in HDFC Bank (supra) held that an order of Coordinate Bench of the Tribunal is binding on the Tribunal in the absence of any difference in facts and/or law. (ii) In the above view, the question no.2 as formulated does not give rise to any substantial question of law. Thus not entertained. 4. Regarding question no.(3) (i) By the impugned order the Tribunal deleted the addition of Rs. 9.3 lakhs on account of excess brokerage shown in service tax return as compared to broke....