06 September 2009
Assesse is a share broker& member of calcutta stock exchange. He earned a dividend income of Rs. 6.00 lacs in f/y 2006-07 on shares held as stock & as investment. He has no such expenses directly attributable to such dividend income. will sec 14A apply. If not, any ITAT or court decision in favour of the assessee.
06 September 2009
Daga Capital Management Services Pvt. Ltd. 119TTJ 289 (MUMBAI) (SB) judgment has made Section 14A a mess and also Rule 8D which will squarely apply in your case. Disallowance u/s 14A will be computed as per rule 8D or as per any other method that u can prove to the satisfaction of the A. O.
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