Disallowance u/s 14A with reference to a dealer of shares and securities
– By CA BK Newatia
Right from its inception, the scope of section 14A of the Income Tax Act, 1961 has been a subject matter of controversies and litigation between the tax payers and the tax collectors. One of the issues, surrounding disallowance u/s. 14A, is the possibility of disallowance of an expenditure in the hands of a dealer of shares and securities, who holds such shares and securities as stock-in-trade.