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2011 (9) TMI 239 - ITAT, NEW DELHI
Disallowing the deduction u/s 80 IB - insurance claimed in respect of Dadra and Sambha Unit.3 - As decided in the case of Shri Ram Honda Power Equipments [2004 -TMI - 52669 - CESTAT, NORTHERN BENCH, NEW DELHI], it is held that the AO was justified in excluding the interest income pertaining to Dadra and Sambha Units for the purpose of calculation of deduction u/s 80 IB of the Act - Therefore, decided in favour of Revenue.
Restricting the addition u/s 14A - assessee, it has been contended that Rule 8D of the I.T. Rules was not applicable for that year - Held that As such, Rule 8D of the Rules was not appropriately applied by the AO as correctly held by the CIT (A) - onus was on the AO to establish any such expenditure - disallowance u/s 14A of the Act requires a clear finding of incurring of expenditure and that no disallowance can be made on the basis of presumptions - Thus appeal filed by the Department is dismissed and the cross objections filed by the assessee are allowed