2018 (4) TMI 1573

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.... CIT ORDER Per M. Balaganesh, AM 1. This is an appeal of the assessee directed against the order passed by the Learned Commissioner of Income Tax (Appeals) - 10, Kolkata (in short the ld CITA) in Appeal No. 53/CIT(A)-10/Cir-35/14-15/Kol dated 02.09.2016 against the order of assessment framed by the Learned ACIT, Circle-35, Kolkata (in short the ld AO) u/s 143(3) of the Act dated 25.02.2015 for ....

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....plicability of disallowance u/s 14A of the Act read with rule 8D of the Rules vide notice u/s 142(1) of the Act dated 22.07.2014. In response the assessee filed its submissions on 23.02.2015 as under: The ld. AO however not being convinced with these arguments placed reliance on the decision of Hon'ble Jurisdictional High Court in the case of Dhanuka & Sons vs. CIT reported in 339 ITR 319 and pr....

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....T.A. No. 666/Kol/2012 for assessment year 2008-09. Having said so, he however proceeded to reasonably estimate the disallowance figure u/s 14A at Rs. 9,47,339/- being 10% of dividend earning of Rs. 94,73,390/- to be disallowed over and above suo-moto disallowance of Rs. 12,881/- made by the assessee. Aggrieved, the assessee is in appeal before us on the following grounds: 1. That the Ld. Commiss....

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.....2018 had held that the provision of section 14A would be applicable even when the shares are held as stock-in-trade in view of the fact that the resultant dividend income earned would be exempt in any case. Hence, we hold that the applicability of provision of section 14A in respect of shares held as stock-in-trade has been settled by the aforesaid Hon'ble Supreme Court's decision. Now, the s....