1. SHRI PAWAN KUMAR PARMESHWARLAL V. ACIT, ITA NO. 530/MUM/2009, (ITAT- MUMBAI) (BENCH- “C”)
U/S
14A read with Rule 8D - Expenditure claimed in the business of share
dealings cannot be correlated to the incomes earned in personal
capacity that too on dividend, PPF interest and tax free interest on
RBI bonds.
The
assessee, a stock broker & Member of BSE, earned tax-free income by
way of dividend, interest on RBI bonds and PPF interest and maintaining
separate books of account for the purpose of business and for these
investments which are in his personal capacity. He claimed that no
disallowance u/s 14A could be made as no expenditure was incurred by
him to earn the tax-free income as the shares were in the demat account
for a long time and dividend was automatically credited to the bank
account. The AO disallowed a sum of Rs. 20,000 u/s 14A. In appeal, the
CIT (A), instead of examining the issue on factual basis, directed that
Rule 8D should be applied. On appeal to the Tribunal, HELD allowing the
appeal.
(Please click here for judgment)
2. [Contribution by CA. Amarpal and contributor is available at email-id : amar.p.ca1@gmail.com ]
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