2019 (8) TMI 1860

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....peal under Section 260A of the Income Tax Act, 1961 (the Act), challenges the order dated 1st February, 2016 passed by the Income Tax Appellate Tribunal (the Tribunal). The impugned order dated 1st February, 2016 is in respect of Assessment Year 200-405. 2 Revenue urges the following questions of law, for our consideration: "(a) Whether on the facts and in the circumstances of the case....

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....laimed by the Respondent on earning dividend income. In appeal, the Commissioner of Income Tax (Appeals) allowed the Respondent's appeal and held that disallowance of 5% of the dividend income on the test of reasonable basis would be an appropriate disallowance under Section 14A of the Act; (ii) Being aggrieved, the Revenue carried the issue in appeal to the Tribunal. The Tribunal noted t....

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....nses. The Respondent had set off the two and offered only the net amount of expenses for disallowance. However, both the Assessing Officer and the Commissioner of Income Tax (Appeals) did not accept that the method setting off of prior period income with prior period expenses as claimed by the Respondent while disallowing the expenditure. (ii) However, in further appeal, the Tribunal held....