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2019 (3) TMI 1666 - ITAT MUMBAIDisallowance u/s 14A - HELD THAT:- While deciding the appeal for AY 2009-10 followed the decision of Hon’ble Supreme Court in Maxopp Investment [2018 (3) TMI 805 - SUPREME COURT] wherein it was held that investment made in group concern as strategical investment is also liable for disallowance under section 14A. Therefore, considering the decision of Hon’ble Supreme Court in Maxopp Investment (supra) this ground of appeal raised by revenue is allowed. Disallowance of interest expenses under Rule 8D - HELD THAT:- This ground of appeal is covered in favour of assessee in assessee’s own case for Assessment Year 2008-09 to 2011-12 no interest disallowance can be made u/s 14A of the Act when own funds of the assessee are sufficient to cover the value of investments for this purpose. Computing the book profit under section 115JB on disallowance under section 14A - HELD THAT:- This ground of appeal is covered by the decision of Tribunal in assessee’s own case for Assessment Year 2008-09 to 2011-12 and by the decision of Special Bench of Delhi Tribunal in Vireet Investment [2017 (6) TMI 1124 - ITAT DELHI] . Therefore, considering the decision of Special Bench which was followed in assessee’s own case for Assessment Year 2008-09 to 2011- 12, we do not find any merit in the grounds of appeal raised by revenue. Set off of unabsorbed depreciation pertaining to Assessment Year 2001-02 against the income of current year - HELD THAT:- This ground of appeal is also covered in favour of assessee and against the revenue by the decision of Assessment Year 2010-11, wherein find no infirmity in the order of the CIT(A) for allowing set off of unabsorbed depreciation pertaining to the A.Ys 1999-00 and 2000-01 similar view has been taken by the Delhi High Court in the case of Motor and General Fine Ltd., [2017 (5) TMI 637 - DELHI HIGH COURT] . Following the above reasons, we do not find any infirmity in the order of the Ld. CIT(A).
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