2021 (7) TMI 598

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....o the Assessment year 2009-10. The appeal was admitted by a bench of this Court on the following substantial questions of law: "(1) Whether on the facts and in the circumstances of the case, the Tribunal is right in law in setting aside the disallowance made under Section 14A of the Act by following its earlier order in case of assessee itself which has not reached finality and even when the assessing authority rightly made said disallowance in compliance with Rule 8D of I.T. Rules read with section 14A of the Act? (2) Whether on the facts and in the circumstances of the case, the Tribunal is right in law in setting aside the disallowance of short term capital loss made by assessing authority by following its earlier order....

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....sessee itself. The appeal preferred by the assessee was partly allowed. The revenue as well as the assessee filed an appeal before the Income Tax Appellate Tribunal (hereinafter referred to as 'the tribunal' for short). The tribunal by common order dated 13.10.2016 partly allowed the appeal preferred by the assessee as well as revenue. In the aforesaid factual background, this appeal has been filed. 4. Learned counsel for the revenue at the outset submitted that he does not intend to press substantial question of law No.1. With reference to substantial question of law No.2, it is submitted that the tribunal ought to have appreciated that in case of M/s BPL Sanyo supra, the shares were already allotted, whereas, in the instant cas....