Section 14A gets applicable when shares are held as stock-in-trade and dividend income is exempt u/s. 10(34)

Wealth First Portfolio Managers Pvt. Ltd. Vs DCIT (ITAT Ahmedabad) ITAT Ahmedabad held that the applicability of Section 14A is triggered when the shares are held as ‘stock-in-trade’ and by virtue of section 10(34) dividend income is not to be included in total income and is exempt from tax. Facts- The assessee is engaged in the business of trading in shares and bonds, earning brokerage income, other stock broker services etc. and is a Member of the Bombay Stock Exchange. During the course of assessment, AO observed that assessee has earned exempt income of Rs. 1,77,00,024/-. The assessee,...