Section 14A applies even if the securities are held as stock-in-trade

IN THE ITAT MUMBAI BENCH ‘L’ Joint Commissioner of Income-tax, Special Range-32 V/s. American Express Bank Ltd. IT APPEAL Nos. 5904 & 6022 (Mum.) of 2000 [Assessment Year 1997-98] August 8, 2012 ORDER R.S. Syal, Accountant Member These two cross appeals – one by the assessee and the other by the Revenue – arise out of the order passed by the Commissioner of Income-tax (Appeals) on 26.09.2000 in relation to the assessment year 1997-1998. 2. First ground of the assessee’s appeal is against the confirmation of disallowance of expenses amounting ...