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2015 (6) TMI 876 - ITAT KOLKATADisallowance u/s 40(a)(ia) - TDS on the commission to the director paid after the closure of the financial year but before the due date of filing of return of income - CIT(A) deleted disallowance - Held that:- We concur with the view of the ld. CIT(A) that the assessee has paid the taxes at source before the statutory date of filing of the return of income which is not under dispute and in view of the decision of CIT vs Virgin Creations [2011 (11) TMI 348 - CALCUTTA HIGH COURT] in view of the similar facts of the case we find no infirmity in the order of the ld. CIT(A), who has rightly deleted the addition made by AO - Decided against revenue. Disallowance being 0.5% of average investment as per Rule 8D of IT Rules - CIT(A) deleted addition - Held that:- The present year is A.Yr.07-08 on which rule 8D is not applicable. Therefore in view of the decision of Kolkata Bench of ITAT in the case of DCIT vs M/s.Varanasi Commercial Ltd., [2012 (3) TMI 401 - ITAT KOLKATA] for A.yr.2007-08 where the disallowance has been restricted to 1% of the exempted income. Following the same we find no infirmity in the order of ld. CIT(A) who has rightly restricted the disallowance to 1% of the exempted income - Decided against revenue.
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