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2015 (4) TMI 1059 - AT - Income TaxDenying deduction under section-10A - Held that:- The assessee is engaged in manufacturing activity/assembling the products, for exports, and also rendering Information Technology Enabled services which entitles the assessee to claim deduction U/s.10A of the Act. - Decided in favour of the assessee. Levy of interest U/s. 234B is mandatory see CIT Vs. Anjum M.H. Ghaswala [2001 (10) TMI 4 - SUPREME Court] Reopening of assessment - Held that:- The return was only processed U/s. 143(1) of the Act and within a period of four years the assessment was reopened based on the information gathered while making assessment in the case of the assessee for the earlier period viz. A.Y. 2006-08 - Decided against assessee. Disallowance u/s.14A of the Act read with Rule 8D for expense incurred on exempt dividend income for the assessment year 2007-08 - Held that:- Rule 8D was inserted by the IT(Fifth Amendment) Rules, 2008 w.e.f 24.03.2008, however the relevant assessment year before us is 2007-08, therefore Rule 8D will not be applicable to the case of the assessee. In this situation, this Bench of the Tribunal has been taking a consistent view that 2% of the exempt income should be disallowed as expense incurred for earning exempt income while invoking the provisions of section 14A of the Act. Accordingly, we hereby direct the Ld. Assessing Officer to restrict the disallowance to 2% of the exempt income earned by the assessee. - Decided in favour of the assessee. Disallowance U/s. 14A r.w.r 8D for expense incurred on investments made to earn exempt income for the assessment year 2009-10 - Held that:- Since the Rule 8D is applicable for the relevant assessment year, we find that the computation of disallowance made U/s.14A of the Act by the Ld. Assessing Officer to be in order and accordingly, we hereby uphold the order of the Ld. Assessing Officer.- Decided against assessee.
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