No disallowance u/s. 14A on shares held as stock-in-trade

Brief of the Case The assessee is engaged in the business of trading in shares. dividend income was earned by the assessee on the shares held as stock-in-trade. Assessing Officer made disallowance u/s. 14A r.w. Rule 8D of the Income Tax Rules, on the tax free income earned by the assessee. Thus ITAT pronounced its ruling over with refence to various case law that No disallowance u/s. 14A r.w. Rule 8D can be made on shares held as stock-in-trade. Facts of the Case The brief facts of the case as emanating from the records are: The assessee is engaged in the business of trading in shares. The ass...