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2014 (4) TMI 779 - AT - Income TaxDeletion on account of difference between income appearing in the TDS certificates and income offered for taxation – Held that:- If a particular amount as per TDS certificate has been availed against which no corresponding income is shown, then the course open to the Revenue is to deny the benefit of such TDS credit to the assessee and not to make addition for any income - As no specific instance has been pointed out by the AO that a particular TDS credit was claimed by the assessee against which no corresponding income was shown, the general submission made on behalf of the Revenue cannot be accepted – Decided against Revenue. Deletion on account of non-inclusion of Excise duty – Duty pertaining to closing stock of raw material – Contravention of section 145A of the Act – Held that:- Similar disallowance was made by the Assessing Officer u/s 145A on account of non-inclusion of Excise Duty pertaining to the closing stock of raw material for the immediately preceding year – the decision in CIT Vs Mahavir Aluminum Ltd. [2007 (11) TMI 41 - HIGH COURT, DELHI] followed - No distinguishing features for the current year have been pointed out by the revenue – the order is set aside and the matter is remitted back to the AO for fresh adjudication – Decided in favour of Revenue. Deletion of disallowance of excess claim of depreciation – Depreciation on scanners and CD writers @ 60% - Held that:- The decision in DCIT Vs Datacraft India Ltd. [2010 (7) TMI 642 - ITAT, MUMBAI] followed - when a device is used as part of the computer in its functions, then it would be termed as a computer – the order of the CIT(A) for deletion of disallowance is upheld - Decided against Revenue. Disallowance u/s 14A of the Act r.w Rule 8D of the Rules – Held that:- If an assessee has interest free funds as well as interest bearing funds at its disposal then the presumption would be that the investment were made from interest free funds – Relying upon CIT Vs Reliance Realities and Power Ltd. [2009 (1) TMI 4 - HIGH COURT BOMBAY] - if the interest free funds available at the assessee’s disposal are more than the investments made which give exempt income then the presumption would be that such investments were financed out of the interest free funds available at the assessee’s disposal – also in CIT Vs Suzlon Energy Ltd. [2013 (7) TMI 697 - GUJARAT HIGH COURT] it has been held that no disallowance of interest u/s 14A can be made if own capital is more than the investment fetching exempt income - necessary details are not properly forthcoming, thus, the matter is remitted back to the AO for fresh adjudication – Decided in favour of Assessee.
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