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Shares held as stock-in-trade do not attract dis allowance u/s 14A
Case Law Details
- Case Name
- ACIT Vs. M/s Safe Enterprises (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13
- Courts
- All ITAT, ITAT Mumbai
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ACIT Vs. M/s Safe Enterprises (ITAT Mumbai)
The next issue is dis allowance of Rs. 44,00,677/- made by the AO under Rule 8D(2)(iii) which later on was restricted to Rs. 2,05,975/-. We find that the appellant has earned dividend income of Rs. 63,72,737/- Also we find that as per the balance sheet as at March 31, 2012 the stock-in-trade was Rs. 712,315,219/- as against Rs. 1,047,955,740/- as at March 31, 2011. The investment as at March 31, 2012 was Rs. 100,033.46/-.
We find that no dis allowance u/s 14A is called for in a case where the shares are held as stock-in-trade as held in India Advanta...
This decision has no relevance now, in view of finding by SC in the case of Maxopp investment that sec 14A dis allowance is called for even for shares held as stock-in- trade