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2014 (1) TMI 436 - ITAT KOLKATADisallowance on account of cess on green leaf – Held that:- Following assessee's own case for AY 2006-07 and AFT Industries Ltd. Vs. CIT [2004 (7) TMI 81 - CALCUTTA High Court] – the deduction is eligible after computing the income under rule 8 and the apportionment is to be made only after the income is so computed. Such apportionment cannot be made before the deduction. Rule 8 of the Income-tax Rules, 1962, requires that the computation is to be made as if by fiction the entire income out of the tea grown and manufactured as income assessable under the Income-tax Act, 1961 - Decided against Revenue. Disallowance on account of notional interest on sticky loans – Held that:- Following assessee's own case for AY 2006-07 in ITA No.2248/K/2010 – Decided against Revenue. Disallowance of depreciation – Plant purchased from amount withdrawn from account with NABARD – Held that:- Following assessee's own case for AY 2006-07 in ITA No.2248/K/2010 – Decided against Revenue. Disallowance on account of the expenses u/s. 14A – Held that:- Following assessee's own case for AY 2006-07 in ITA No.2248/K/2010 – Decided against Revenue. Mismatch in ITS details – Transaction of purchase of shares - Held that:- Assessee being a Public Limited Company and its account being subject to audit by internal Auditor as well as statutory auditors, no unaccounted transactions can be done by assessee - the AO has not made any enquiry qua these transactions – Decided against Revenue. Disallowance u/s 14A – Without establishing nexus of expenditure incurred with the earning of exempted income - Held that:- The assessee did not raise any specific issue regarding nexus before CIT(A) - Rule 8D is applicable from AY 2008-09 – Following Godrej & Boyce Mfg. Co. Ltd. vs. DCIT [2010 (8) TMI 77 - BOMBAY HIGH COURT] – Decided against assessee.
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