Tribunal held that the shares were held as stock-in-trade by a bank would become business activity and not investments in order to fell within the ambit of rule 8D(2)(iii) of the Act. Disallowance confirmed by the Commissioner (Appeals) was not justified. (AY. 2013-14)
Dy. CIT v. Punjab National Bank (2020) 82 ITR 95 (Delhi)(Trib.)
S. 14A : Disallowance of expenditure-Exempt income-Shares held as stock in trade-Disallowance is held to be not justified. [R. 8D]