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2014 (11) TMI 1030 - ITAT CHENNAIDepreciation on UPS - 60% as against 15% - Held that:- UPS is eligible for deprecation at 60% as relying on DCIT Vs. Indian Overseas Bank [2013 (4) TMI 751 - ITAT CHENNAI ] - Decided in favour of assessee. Disallowance of expenditure under section 14A read with Rule 8D(2)(iii) - Held that:- On a careful consideration of the facts and circumstances of the case, we are not in agreement with the assessee that no expenditure was incurred in managing the portfolio of the assessee. The assessee company is into the business of registrars and share transfer agent. It is not in dispute that management of the assessee company periodically monitors through its Board of Directors about the investments. In such circumstances, it cannot be said that assessee has not at all incurred any expenses in managing its portfolios. Following the decision of REI Agro Ltd. Vs. DCIT [2013 (9) TMI 156 - ITAT KOLKATA], we direct the Assessing Officer to recompute the disallowance under Rule 8D(2)(iii) by taking the amount equal to ½ percentage of the average value of the investment which has given rise to the income which does not form part of total income.
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