Shares held as stock-in-trade needs to be considered for Section 14A disallowance

Gajanan Enterprises Vs ACIT (ITAT Mumbai) Admittedly, the exempt income yielding shares were held by the assessee as stock-in-trade. Although, the opening stock of inventories as on 01.04.2013 was reflected at Rs. 21,46,64,955/-, however, the same as on 31.03.2014 stood reduced to nil. In sum and substance, the stock of shares which were held by the assessee as on 01.04.2013 were liquidated during the year under consideration, and no part of the same was reflected in its closing stock as on 31.03.2014. However, in our considered view, the aforesaid factual position would principally have no be...