2016 (8) TMI 1530

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.... Per Joginder Singh (Judicial Member) Both these appeals are by the assessee for Assessment years 2004-05 and 2009-10 respectively wherein the common ground raised pertains to upholding the disallowance under section 14A of the Income Tax Act, 1961 (hereinafter the Act) amounting to Rs. 19,07,781/- (Assessment year 2004-05) and Rs. 8,77,82,357/- (Assessment year 2009-10). 2. During hearing S....

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....d the issue are identical in both the appeals, therefore, these can be adjudicated by this common and consolidated order for the sake of brevity. 2.2 For Assessment year 2004-05 the facts in brief are that the assessee is a trader in shares and securities, declared income of Rs. 13,21,99,027/- in its return filed on 30.10.2004, which was processed under section 143(1) of the Act. Subsequently, ....

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....ed the total income at Rs. 16,15,66,960/-. The assessee challenged the order before the Tribunal wherein vide order dated 20.12.2010 the matter was restored back to the file of the Assessing Officer to recompute the disallowance under section 14A of the Act in the light of the decision from the Hon'ble Bombay High Court in the Godrej and Boyce Co. Ltd. (2010) 234 CTR 1 (Bom.). It is noted that bef....

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....sessment year 2004-05 is concerned it is squarely covered by the decision from Hon'ble Bombay High Court in CIT vs. India Advantage Securities Ltd. (1131 of 2013) order dated 13.04.2015. Since, the assessee received dividend of Rs. 1,68,00,931/- on shares and mutual fund units acquired and held as stock in trade and since the assessee itself disallowed a sum of Rs. 41,,95,510/- as expenditure attr....