Per K.C. Singhal, Vice President. - The Hon’ble President, ITAT, vide order dated 4-7-2007 has constituted the Special Bench in the case of M/s. Daga Capital Management Pvt. Ltd., Mumbai to adjudicate upon the following issue :

"Whether, in the facts and in the circumstances of the case and in law, the provisions of section 14A of the Income-tax Act, 1961, are applicable with respect to dividend income earned by the assessee engaged in the business of dealing in shares and securities, on the shares held as stock-in-trade and when earning of such dividend income is, therefore, incidental to trading in shares?"

as well as to dispose of the appeal on merits.

2. Subsequently, the Hon’ble President vide order dated 17-10-2007 has directed the Bench to dispose of the following appeals also :