2016 (6) TMI 884

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..... Bist ORDER Per Saktijit Dey, J. M. Instant appeal by the assessee is directed against the order dated 28th August 2014, passed by the learned Commissioner (Appeals)-8, Mumbai, for the assessment year 2010-011. 2. The only issue in dispute in the present appeal relates to disallowance made under section 14A of the Income Tax Act, 1961 r/w rule 8D of the Income Tax Rules, 1962. 3. B....

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....g the claim of the assessee proceeded to compute the disallowance under section 14A r/w rule 8D at Rs. 9,87,346. Being aggrieved of such disallowance, assessee preferred appeal before the learned Commissioner (Appeals). 4. Before the first appellate authority, it was submitted by the assessee that while computing disallowance under section 14A r/w rule 8D, the Assessing Officer has also include....

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.... the parties agreed before us that the issue in dispute is squarely covered by the decision of the Tribunal, Mumbai Bench, in R.R. Chokhani Stock Broker Pvt. Ltd. ITA no.6826/Mum./ 2014 dated 30th October 2015, wherein while deciding similar issue, the Tribunal has held that shares and securities held as stock-in-trade cannot be considered for the purpose of disallowance under section 14A r/w rule....

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....e furnished by the assessee during the assessment proceedings at Rs. 2,80,797/- is hereby affirmed. As a consiquence, I set-aside the order of the CIT(A) and direct the Assessing Officer to restrict the disallowance under section 14A of the Act to Rs. 2,80,797/and delete the balance. 6. In our view, the ratio laid down in the aforesaid decision squarely applies to the facts of the present case.....