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2014 (9) TMI 1087 - ITAT AHMEDABADDisallowance of payment of gratuity - Held that:- A.R. has submitted that it was maintaining gratuity fund with LIC of India in accordance with guidelines of RBI and when the payment was made to LIC of India, Assessee had not claimed the deduction but had claimed the same when the actual payment of gratuity was made to the concerned employee and therefore it is not a case of claim of double deduction. Before us, Revenue has not placed any material on record to controvert the submissions of the Assessee. Further Revenue has also not placed any material on record to show that Assessee has claimed the deduction of expenses when the amount was placed with LIC. In view of the aforesaid facts, we are of the view that the Assessee is entitled to deduction in the year under review and we therefore delete the addition made by the A.O. Disallowance on depreciation on investment - Held that:- The issue in the present case is with respect to the loss in value of investment in mutual funds arising on account of the difference between the cost of units and the NAV on the last day of the accounting year on account of valuation. Before us the ld. A.R. has submitted that the issue is covered in favour of the Assessee in view of the decisions cited by the ld. A.R. We find that the aforesaid decisions were not before CIT(A) when the issue was decided by him. We therefore feel that the issue needs to be re-looked at his end in view of the various decisions cited by ld. A.R. We therefore remit the issue back to the file of CIT(A) to decide the issue afresh in the light of decisions cited by AR and in accordance with law. Needless to state that CIT(A) shall granted adequate opportunity of hearing to both the parties. In the result, this ground of Assessee is allowed for statistical purposes.
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