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 th

Please become a Premium member. If you are already a Premium member, login here to access the full content.