i heard that s 14A issue has been refereed to Special Bench. Is it correct? Which case which city please? I am having matter on 23rd May. Urgent response appreciated.
I think u will get the details on the website of AIFTP. You can navigate to this site thru the link provided on the home page of this site.....
Application for special bench was filed on 31/01/07 in case of
Name: Daga Capital Management Ltd, Bench - D, I.T.A. No. 8057/M/03, A.Y. 2001 - 2002.
Issue: The question sought to be reffered is "Whether in the facts and circumstances of the case, and in law, the provisions of section 14A of the Income Tax Act, 1961, are applicable with respect to the dividend income earned by an assessee, engaged in the business of dealing in shares and securities, on the shares held as stock-in-trade and earning of such dividend is incidential to trading in shares?"
there is one more special bench for Section 14A. The details are as under :
M/s Acquarius Travels (P) Ltd.
ITA No.260/Del/2002 A.Y. 1998 – 99
Question :
Whether on the facts and in the circumstances of the case the provision of Section 14A can be invoked in the appellant proceedings?
Whether on the facts and circumstances of the case decisions of Income Tax Appellate Tribunal in the case of Navin Bharat Industries Ltd. (ITA No. 2201/Bom/94 for A.Y. 90 – 91) and decision in the case of Hexa Securities and Finance Co. Ltd. (ITA No. 2308/Del/04) are applicable or distinguishable?
Does anybody have the cases referred to in the question i.e. Navin Bharat Industries Ltd. (ITA No. 2201/Bom/94 for A.Y. 90 – 91) and Hexa Securities and Finance Co. Ltd. (ITA No. 2308/Del/04) ? Unless you have those cases one does not have the foggiest idea of what the issues are before the SB.
Navin Bharat is reported in 90 ITD 1 Hexa is not reported. ;DIf i get copy i will send it to you.
Thanks