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2012 (12) TMI 365 - ITAT CHENNAIDisallowance of Excess rent paid - Properties occupied by the assessee and belonging to one of the group concerns – Held that:- The rent paid by the appellant company in respect of all the five properties were reasonable, thereby warranting no disallowance by following the decision in assessee’s own case. Issue decides in favour of assessee Addition on account of interest – Excessive rental deposit free of interest made to sister concern – Held that:- For the years before us also, the facts are identical. Therefore, respectfully following the order of the Tribunal, wherein the Tribunal has deleted the disallowance of interest, for these years also, we delete the disallowance of interest, holding that the deposits were made for taking the premises on rent which was necessitated by business expediency and are based on market rent. Issue decides in favour of assessee
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