Rule 8D Not Applicable Stock-in-Trade : ITAT Kolkata

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Rule 8DRule 8D is invoked by assessing officer for computing disallowance u/s Section 14A of the Income Tax Act even in case shares are held as Stock-in-Trade.Thus , the agony of the taxpayers who deals in shares only and does not involves in investment aggravates , because in most of cases  the dividend received are far less than the expense likely to be disallowed as result of application of Rule 8D .

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