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2015 (6) TMI 87 - ITAT DELHIDisallowance u/s 14A - CIT(A) deleted the addition - Held that:- This is an admitted fact that assessee had not earned exempted income during the present year, therefore, following above judicial pronouncement in the case of Holcim India (P) Ltd. [2014 (9) TMI 434 - DELHI HIGH COURT] we hold that disallowance was not sustainable and, therefore, we dismiss ground - Decided in favour of assesse. Disallowance u/s 36(1)(iii) - CIT(A) deleted part addition - Held that:- The principle that follows when the sale proceeds, recoveries from the debtors and internal accruals etc. are deposited by the assessee in OD/CC account and the investment in assets is made which are not put to use in business, the disallowance of interest cannot be made only on the ground that the payments have been made from OD I CC account, provided the internal accruals are sufficient to meet the investments made in the assets. We find that Ld. CIT(A) has made a clear finding of fact that internal accounts of the assessee represented about 30% of value of fixed assets and, therefore, he had allowed relief to the extent of 30% and has upheld addition to the extent of 70% of disallowance. Ld. CIT(A) has passed a well reasoned and speaking order and, therefore, we are in agreement with his findings - Decided against revenue.
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