2019 (1) TMI 1782

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....acts and circumstances of the case the Ld. CIT(A) was wholly wrong and unjustified in not deleting the arbitrary and baseless disallowance of expenses of Rs. 8,81,839/- u/s. 14A of the Act/ Rule 8D(2)(i)(ii) & (iii) of the I. Tax Rules made in the assessment against the small dividend income of Rs. 72,000/- earned on shares entirely held as stock-in-trade in business in respect of which Rule 8D(2) is not applicable.    2. For that in view of the facts and circumstances of the case the Ld. CIT(A) was wholly wrong and unjustified in issuing a direction to the AO, based on a judgment of the Hon'ble ITAT, Kolkata in the case of Teenlok Advisory Services (P) Ltd. to recalculate the disallowance of expenses by considering o....

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....Investment" .    5. For that in view of the facts and circumstances of the case the Ld. CIT(A) was wholly wrong and unjustified in not considering the facts that no satisfactory note was recorded by the AO to justify the applicability of Section 14A/Rule 8D(2) for disallowing any expense against the exempt dividend income incidentally received on trading shares.    6. For that in view of the facts and circumstances of the case the Ld. CIT(A) was wholly wrong and unjustified in upholding the AO's decision that the loss of Rs. 19,02,678/- suffered in the share trading business was a deemed speculation loss in terms of the Explanation to Section 73 of the Act without considering the facts that the asse....