2017 (3) TMI 1548

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.... ORDER Order u/s.254(1)of the Income-tax Act,1961(Act) PER RAJENDRA, AM- Challenging the order, dated 20/06/2016,of the CIT (A)-21,Mumbai, the assessee has filed the present appeal. Assessee-company, engaged in the business of computer software development and consultancy, filed its return of income on 27/ 09/2012,declaring loss of Rs. 22.59 lakhs. The Assessing Officer(AO)completed the ....

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.... appeal before the First Appellate Authority(FAA).Before him, it was argued that the interest expenditure was incurred in connection with the loan taken for giving margin money to the broker for F & O transactions and for purchasing trading stock, that other expenses were eligible to share trading, that no expenses were incurred for earning exempt income, that the share trading income and future a....

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...., Max India Ltd (290 CTR 76). The Departmental Representative (DR) left the issue to the discretion of the Bench. 5. After hearing the rival submissions, we find that the only issue to be decided is as to whether the expenditure eligible to stock in trade can be disallowed invoking the provisions of section 14 A r.w.r.8D of the Rules. We find that in the cases relied upon by the AR, it has been....