TaxTMI 
TaxTMI 
2016 (1) TMI 1225
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....ct in holding the profit on sale of shares as Long Term and Short Term Capital Gain instead of business income as assessed by the A.O 2. Whether the Ld. CIT(A) on the facts and circumstances of the case and in law was justified in allowing 60% depreciation on Printers, UPS, Scanner etc as against normal rate of 15% depreciation allowed by the A.O. 3. The appellant craves leave, to add, alter or amend any ground of appeal raised above at the time of hearing. 2.1 The grounds of appeal are as follows: - (In C.O No. 213) "1. That the Learned A.O and Ld. CIT(A) both had erred on facts and in law, in making disallowance a sum of Rs. 4,14,472/- u/s14A towards expenses in earning exempted income by ignoring the factual position. 2. The res....
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....ing Officer further held that an amount of Rs. 4,14,472/- is expenses incurred in relation to earning the tax free income during the year and hence added back under Section 14A read with Rule 8D of the Income Tax Rules, 1962. The Assessing Officer also disallowed the depreciation claimed on the computer. 5. The Ld. DR submitted that the Assessing Officer has rightly held that the investment made by the assessee and income earned on it, as business income, as the entire sale and purchase of shares was related to the investment of the business and thus could not be treated as short term capital gain which form part of the business income. The Ld. DR further submitted that the depreciation has also been rightly disallowed by the Assessing Off....