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2018 (6) TMI 690 - ITAT MUMBAIDisallowance u/s 14A read with Rule 8D with regard to the interest expenditure - Held that:- Following the judicial pronouncements in case of PRINCIPAL COMMISSIONER OF INCOME TAX-3 VERSUS NIRMA CREDIT AND CAPITAL PVT. LTD [2017 (9) TMI 485 - GUJARAT HIGH COURT] we are in agreement with the contention of learned AR that disallowance u/s 14A should be made with respect to the net interest expenditure - accordingly, AO is directed to recompute the disallowance on the net interest expenditure after giving credit for the interest earned by the assessee. Expenses towards repairs & Maintenance of building - capital or revenue in nature - Held that:- If the advantage consists merely in facilitating the assessee's trading operations or enabling the management and conduct of the assessee's business to be carried on more efficiently or more profitably while leaving the fixed capital untouched, the expenditure would be on revenue account, even though the advantage may endure for an indefinite future - hence after considering the nature of each and every expenditure the CIT(A) reached to the finding that expenditure so incurred on repair etc., was Revenue in nature - appeal of revenue is dismissed - Decided in favor of assessee.
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