2017 (1) TMI 1637

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....s of Rs. 11,40,21,054/- on the units of Principal Index Mutual Fund (PIF) as Short Term Capital Loss as against business loss claimed by the appellant. 2. The CIT (A) erred in confirming the disallowance of Rs. 1,81,19,132/- being interest paid to M/s. Kotak Mahindra Prime Limited (KMPL) for non-deduction of tax at source u/s 194A of the IT Act. 3. (a) The CIT (A) erred in confirming the disallowance of Rs. 4,55,00,856/- u/s 14A of the Act r.w. Rule 8D of the IT Rules, 1962. (b) The CIT (A) erred in confirming the action of the AO of invoking the Rule 8D(2) of IT Rules without recording his dissatisfaction with respect claim of the appellant and books of account of the appellant. 4. The CIT (A) erred in restrictin....

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.... "3..... (a) Where the assessee itself, irrespective of the period of holding the listed shares and securities, opts to treat them as stock-in-trade, the income arising from transfer of such shares/securities would be treated as its business income, (b)...... (c)......." 3. There is a need for honouring the above prayer by the assessee. We have taken the similar view on the identical issue in the case of Surj it Singh Bagga HUF vs. ITO in I.T.A. No.403/M/2016 (AY 2006-07), dated 18.11.2016, wherein one us (AM) is a part to the said Tribunal‟s order. Considering the same, the issue is remanded and we direct the CIT (A) to pass a speaking order as per the provisions of section 256 of the Act after allowi....