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2015 (5) TMI 999 - AT - Income TaxDisallowance of export commission payment - non deduction of tds - Held that:- As payments of "Export Sales Commission" to the non-residents for procuring export orders, are not assessable to tax in India and consequently the assessee company is not under any obligation to deduct the TDS on the above commission payments u/s.195 of the Act. Accordingly, the additions made by the Assessing Officer, on account of disallowance of "Export Sales Commission" payments for non-deduction of TDS u/s.40(a)(i) r.w.s. 195 of the Act, are not justified and deleted. Since the Assessing Officer has not taken the amount of ₹ 25,63,409/- into consideration in the final computation of taxable income, no separate relief is required and thus, we find no infirmity in the order passed by the ld. CIT(A). - Decided against assessee Disallowance under section 14A - Held that:- We find that the Assessing Officer, after considering the details filed by the assessee, quantified the disallowance under section 14A of the Act and also the ld. CIT(A) passed very detailed order and gave specific findings that the assessee has not maintained any separate books of account for the investment in shares, there was no separate establishment to look after the investments. Even before us, the assessee has not able to establish that no interest borrowing funds were used for investments in shares. Further, the ld. CIT(A), after considering the detailed explanation and books of accounts given by the assessee the addition made by the Assessing Officer was sustained. Accordingly, we find no infirmity in the order passed by the ld. CIT(A) - Decided against assessee Disallowance under section 80IA - CIT(A) held that the depreciation which was already set off cannot be carry forward notionally to the subsequent years for the purpose of computing the profits of the windmills on stand-alone basis and directed the Assessing Officer to allow the assessee’s claim of deduction under section 80IA - Held that:- CIT(A), by following the decision of the Tribunal in the case of GRT Firms & Others (2012 (6) TMI 802 - ITAT CHENNAI) as well as judgement of the Hon’ble Jurisdictional High Court in the case of Velayudhaswamy Spinning Mills v. ACIT (2010 (3) TMI 860 - Madras High Court ), directed the Assessing Officer to allow the assessee’s claim of deduction under section 80IA of the Act. Thus, we find no infirmity in the order passed by the ld. CIT(A) - Decided in favour of assessee
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