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2017 (2) TMI 630 - AT - Income TaxNature of receipt of Credits - capital receipt OR revenue receipt - Aircraft were acquired on lease - On delivery of aircrafts fitted with the engines supplied by the IAE, the assessee was allowable to get some credits from IAE. Similarly, suppliers of other components of aircrafts also extended credits to the assessee. - Held that:- Credits received by the appellant from IAE are capital in nature. TDS u/s 195 - disallowance of supplementary lease rents exempted under section 10(15A) - Held that:- Assessee was not required to deduct TDS on supplementary lease rental being exempt under section 10(15A) of the Act. Accordingly, the disallowance made under section 40(a)(i) of the Act is deleted .See Jet Light (India) Ltd.[2015 (11) TMI 304 - DELHI HIGH COURT] Disallowance u/s 14A - Held that:- The computation of disallowance made by the Assessing Officer under Rule 8D of the Rules, cannot be accepted. Accordingly, we restore the issue to the file of the Assessing Officer to examine the submission of the assessee in respect of interest specific to loans and compute the disallowance under Rule 8D in view of the ratio laid down by the Hon’ble High Court in the case of Bharti Overseas Private Limited (2015 (12) TMI 1423 - DELHI HIGH COURT ).
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