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2018 (8) TMI 1058 - ITAT DELHIAddition on account of duty credit scrips received but not utilized - Held that:- assessee had not undertaken any import of goods during years under consideration which is an admitted position. In our considered view, income does not accrue until imports are made and raw materials are consumed by assessee. - CIT(A) has rightly deleted the additions - it is observed that assessee had not undertaken any import of goods during years under consideration which is an admitted position. In our considered view, income does not accrue until imports are made and raw materials are consumed by assessee. - Decided against the revenue. Disallowance u/s 14A - suo moto disallowance made by assessee - disallowance regarding exempt income - exclusion of the investments made by tenets group concerns/subsidiary companies which were made to acquire controlling interest or to serve the business interest of assessee. - Held that:- We are therefore inclined to consider the plea of assessee by setting aside the issue back to Ld.AO for re-computation of disallowance under section 14A having regards to the decision of Hon’ble Supreme Court in the case of Maxxop investments Ltd vs CIT [2018 (3) TMI 805 - SUPREME COURT OF INDIA]
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