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2017 (5) TMI 483 - ITAT KOLKATAAddition on cess on green leaf expenditure - Held that:- We find that in identical facts and circumstances, Hon’ble Supreme Court in the case of Commissioner of Income Tax Vs. M/s Apeejay Tea & Co. Ltd.[2015 (8) TMI 1260 - SUPREME COURT ] wherein held Expenditure on cess should be allowed as a deduction before computing the composite income under Rule 8 and the apportionment is to be made after the income is so computed - Decided in favour of the assessee. Purchase of office equipments out of money withdrawn from the account maintained with NABARD - Deduction of the withdrawal from the account maintained with NABARD against the provision of Sec. 33AB(4) - Held that:- From the provisions of section 33AB(3) of the Act, we find that the assessee is entitled to utilize the amount withdrawn from the account maintained in NABARD for the purposes as specified in the scheme. And in the instant case the assessee has utilized the fund as per the scheme. It is also important to note that the provisions of section 33AB(4) of the Act also provides the assessee to utilize the money for purchase of the computers. Thus we do not find any reason to interfere in the order of ld. CIT(A) - Decided against revenue Addition of depreciation on the plant & machinery purchased from the amount withdrawn from the account maintained with NABARD - Held that:- We note that the Hon’ble Apex Court in the case of Garden Silk Weaving Factory vs. CIT (1991 (3) TMI 1 - SUPREME Court ) has held that the depreciation is not a expenditure but an allowance. Thus, in our considered view, we are inclined to hold that the depreciation is an allowance and therefore the same is out of the purview of section 33AB(6) of the Act. Thus we do not find any reason to interfere in the order of ld. CIT(A).- Decided against revenue
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