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2018 (9) TMI 286 - ITAT DELHIExcluding duty drawback from eligible income under section 80IC in respect of Kotdwar Unit-III - Held that:- CIT(A) accepted revised working of the assessee which was based on reasonable basis. A.O. was accordingly directed to re-compute the disallowance as per statement made by assessee. It, therefore, appears that the contention of the assessee now raised for deleting the addition of ₹ 11,35,150/- may be coming out of the appeal effect order passed by the A.O. which cannot be challenged in the present proceedings. CIT(A) has already allowed relief to the assessee, therefore, no further interference is called for in the matter. Disallowance of expenditure incurred in relation to exempt income by applying Section 14A read with Rule 8D - Held that:- AO has nowhere recorded any satisfaction about the incorrect claim having been lodged by the assessee with reference to its accounts. There is no discussion whatsoever about the examination of the assessee’s claim about actual incurring of expenses in relation to the exempt income. It can be seen from the impugned order that the AO even did not consider the correct amount offered by the assessee for disallowance at ₹ 4,01,209 (Rs.2,01,209 + ₹ 2,00,000). The authorities below have not rejected the claim of the assessee that it has not borrowed any funds for investment and that it was having sufficient own funds to make investment through Portfolio Managers - Ground of appeal of the assessee is allowed.
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