CIT vs Walfort Share&Stock Brokers PvtLtd 2010(SC)
Sec10(35),14A,94(7)
Company purchasd cum-dividend units ofMF &then dividend declared.Company entitled2recv dividend&claimed exemptn u/s10(35)
Thereafter company sold all Units(ex-dividend)at LOSS within3days&set off entire STCL.
Deptt contended assessee incurred exp2earn tax free dividend ¬ allowed as per14A.
SC held that its DIVIDEND STRIPPING ¬ covered by sec14A. Loss to the extend of Div Income wil b ignored
Sec10(35),14A,94(7)
Company purchasd cum-dividend units ofMF &then dividend declared.Company entitled2recv dividend&claimed exemptn u/s10(35)
Thereafter company sold all Units(ex-dividend)at LOSS within3days&set off entire STCL.
Deptt contended assessee incurred exp2earn tax free dividend ¬ allowed as per14A.
SC held that its DIVIDEND STRIPPING ¬ covered by sec14A. Loss to the extend of Div Income wil b ignored
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