TMI Blog2014 (6) TMI 467X X X X Extracts X X X X X X X X Extracts X X X X ..... a disallowance in returning its income - The disallowance was worked out in terms of Section 14A of the Act - The Assessing Authority made total disallowance which also included the aforesaid disallowance made by the assessee himself - In result the CIT(A) is found to have upheld the disallowance in addition to the disallowance already made by the appellant himself in the computation of income filed with the return of income - No infirmity has been pointed out by the Revenue in appeal in the findings returned and conclusion reached by CIT(A) – Decided against Revenue. - I.T.A. No. 925 /Del/2013 - - - Dated:- 29-5-2014 - Shri U. B. S. Bedi And Shri B. R. Jain,JJ. For the Appellant : Sh. Anil Kumar Jain, CA For the Responden ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r its Baddi Unit during earlier years were found to be in the nature of accommodation entry only. The issue of valuation of plant and machinery installed at Baddi was referred to the approved Valuer/Chartered Engineers who after elucidation reported that the old machinery (more than 3 to 5 years old) is 88.72% and new machinery is only 11.28% of the total machinery. That apart the report submitted in prescribed form 10CCB for claiming deduction u/s 80IC of the Act was found to be defective. Accordingly, the accounts were rejected in the earlier years and the claim of deduction also stood denied. The Assessing Officer for the year under consideration rested its findings on similar basis as were taken in assessment years 2006-07 to A.Y 2008-0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eturned by Assessing Officer in assessment order as well as authorized Officer during search and survey proceedings, deduction u/s 80 IC of the Act cannot legally be allowed to the assessee. 6. We have heard parties with reference to material on record. The earlier Bench of the Appellate Tribunal by its order dated 7/2/2014 in A. Y 2006-07 to 2008-09 on the similar facts has found that the value of old machinery is not more than 20%. It has also returned a finding that the assessee has complied with the provisions of the Act for its claim of deduction u/s 80 IC of the Act. It has, therefore, upheld the decision of Ld. CIT(A) in allowing deduction u/s 80 IC of the Act. Before us no change in facts or law has been pointed out. We therefore ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the first day and the last day of the previous year. 0.5% of average of investment i.e. B8,43,389/- 15,96,077 Total[(i) +(ii)+(iii) 8. The Ld. CIT(A) found tht the assessee on its own has already added a sum of Rs.8,008,78/- to its income in terms of Section 14A of the Act. It was further found by him that a sum of Rs. 5,69,615/-on account of delayed payment which forms part of the aforesaid disallowance of Rs.8,008,78/- has again been disallowed by the Assessing Authority. He, therefore, deleted the said disallowance of 5,69,615/-. The Ld. CIT(A) further found that interest amounting to Rs.38,346/- pertains to interest on car loan and Rs. 406580/- is the interest paid on unsecured loans for making proportionate disallowance to inte ..... X X X X Extracts X X X X X X X X Extracts X X X X
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