Case Law Details
Case Name : Dy. CIT Vs. Infina Finance (P) Ltd. (ITAT Mumbai)
Appeal Number : I.T.A. No. 3329/Mum/2016
Date of Judgement/Order : 17/01/2018
Related Assessment Year : 2012-13
Courts :
All ITAT ITAT Mumbai
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Dy. CIT Vs. Infina Finance (P) Ltd. (ITAT Mumbai)
Section 14A dis allowance was called for in case the assessee was holding shares as stock-in-trade, therefore, investments held as stock-in-trade do not attract dis allowance under section 14A.
FULL TEXT OF THE ITAT ORDER IS AS FOLLOWS:-
The captioned appeal by revenue for assessment year [AY] 2012-13 contest the order of the learned Commissioner (Appeals)-5 [CIT (A)], Mumbai, Appeal No. IT-473/14-15/266/15-16, date 15-2-2016 by raising the following grounds of appeal :–
“1. The Order of the Commissioner (Appeals) is opposed to law and facts of the case.
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since the SC had decided negative, HC decisions are no more valid
OFFHAND
Implications of the recent ITAT Ruling in the two cases, reported @
https://taxguru.in/…/investments-held-as-stock-in-trade-do-…
https://taxguru.in/income-tax/in-absence-of-business-activities-interest-on-borrowed-capital-not-allowable.html
is worth closely examining, and incisively analyzing, keeping in focus the mutually contradicting views handed down by the HC and the SC in Maxopp’s case on issues u/s 14 A rw Rule 8D !