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2012 (2) TMI 468 - ITAT HYDERABADDisallowance u/s 40(a)(ia) for non-deduction of tax at source on dividend/interest paid to the chit subscribers - Held that:- The dividend distributed by the assessee herein does not partake the character of ‘interest’, and consequently, the assessee is not liable to deduct tax at source. The provisions of S.40(a)(ia) of the Act are not attracted, and accordingly the CIT(A) was justified in deleting the addition made by the assessing officer by resorting to disallowance in terms of S.40(a)(ia) of the Act. Short Term Capital Gains on slump sale - Held that:- The assessee did not produce any depreeciati0on schedule to substantiate the claim of the assessee, and in the absence of any evidence to show that depreciation has been wrongly calculated or the exact depreciation schedule, rejected the contention of the assessee and upholding the action of the assessing officer. Considering totality of facts and circumstances of the case and taking into consideration the fact that the assessing officer has not taken into account the revised computation filed by the assessee during the assessment proceedings, and the CIT(A) has confirmed the action of the assessing officer in the absence of depreciation schedule or any evidence produced before him to substantiate the claim of the assessee, we find it just and proper to set aside the orders of the lower authorities on this issue, and restore the matter to the file of the assessing officer with a direction to examine the same afresh after giving reasonable opportunity to the assessee to adduce the necessary evidence to substantiate its claim with regard to the depreciation.
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