Tribunal held that ,no disallowance can be made for securities held as stock in trade . Interest free funds available with assessee , no disallowance can be made . ( AY. 2009 -10 , 2010-11)
Siddhesh Capital Market Services P. Ltd. v. (2018) 61 ITR 400 //53 CCH 427(Mum) (Trib)
S. 14A : Disallowance of expenditure – Exempt income -No disallowance can be made for securities held as stock in trade- Interest free funds available with assessee , no disallowance can be made [ R.8D, 36(1)(iii) ]