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2014 (7) TMI 1173 - AT - Income TaxDisallowance of depreciation in respect of sale and leaseback transactions - Held that:- The Tribunal, Mumbai Bench, in the case of L&T (2013 (5) TMI 720 - ITAT MUMBAI) has considered a similar issue followed the findings of the Hon’ble Supreme Court in the case of ICDS (2013 (1) TMI 344 - SUPREME COURT ) and also of the co-ordinate Bench in the case of Development Credit Bank Ltd. (2013 (5) TMI 131 - ITAT MUMBAI ) and allowed the claim of depreciation on sale of lease back assets.Respectfully following the decisions mentioned hereinabove, we direct the AO to allow depreciation. - Decided in favour of assessee Charging of interest u/s. 234B and 234C - Held that:- Levy of interest u/s. 234B of the Act would be consequential to our findings given for ground No. 1 and in so far as levy of interest u/s. 234C is concerned, we direct the AO to charge interest as per the provisions of law on the returned income of the assessee. Disallowance of deduction u/s. 35D - Held that:- This issue has been decided against the assessee in A.Y. 1992-93 to 1994-95 No disallowance can be made u/s. 80M Disallowance of expenses for earning dividend income to be allowed
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