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Section 14A For the purpose of computing disallowance u/s 14A of the Act instead of taking into account total investment, only such investments which yielded exempt dividend income during the year are required to be considered for the purpose of disallowance. RELIGARE SECURITIES LTD. & ANR. vs. DCIT. In favour of Assessee. ITAT Delhi
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Section 28(ii)(a),28(ii)(a) SUPREME COURT OF INDIA held on Jul 22, 2020 that the payment received as non-competition fee under a negative covenant was always treated as a capital receipt till Assessment Year 2003-2004. SHIV RAJ GUPTA vs.CIT
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Section 2(14): Income earned by the assessee constitute business income not Long Term Capital Gains reason that the assessee has always shown it as closing stock of agricultural land in the balance sheets and the object is of property business. Following contention of the assessee was not accepted the land is always valued at cost, period of holding for 13 years, accepting by deptt for deriving of agricultural income from the land. KOHLI ESTATES PVT. LTD. vs. ITO ITAT DELHI on May 5, 2020 AY 2011-12.