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2017 (8) TMI 1611 - ITAT CUTTACKDisallowance of expenditure u/s.14A r.w.r. 8D - HELD THAT:- As decided in assessee own case [2012 (3) TMI 486 - ITAT CUTTACK]AO had not recorded his satisfaction regarding not accepting the disallowable expenditure shown by the appellant. The investment in such assets were made by the appellant from its operational surplus and not from loan funds - addition u/s 14A to be deleted. Interest accrued on term loan availed for captive power plant (CPP) and Ore beneficiation Plant (OBP) - HELD THAT:- D.R. could not controvert the findings of the CIT(A) to the effect that from the details of the capital work in progress of the assessee, it was evident that the same consist of cost of the captive power plant and ore beneficiation plant. The assessee had availed term loan for setting up of the plants and has capitalized the interest pertaining to the term loans for both the plants. The assessee has capitalised as per Accounting Standard of 16 of ICAI. The assessee had submitted details of interest and finance charges incurred by it and the accounts regarding capitalization of the same. Therefore, we find no good reason to interfere with the order of the CIT(A), which is hereby confirmed the ground of appeal is dismissed.
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