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2015 (8) TMI 1269 - AT - Income TaxDisallowance u/s 14A - Held that:- We direct the ld. Assessing Officer to follow the aforesaid order of the Tribunal holding that 1% of the exempt income will be reasonable disallowance on account of administrative expenses u/s 14A of the Act. Disallowance u/s 36(1)(viii) - Held that:- Under the existing provisions of the Act, the deduction is allowable to a “financial corporation” which is engaged in specific activities viz., providing long term fiancé for industrial or agricultural development or development of infrastructure facility etc.,. The term “financial corporation” was defined in an inclusive manner so as to include a Government Company and a Public Company. By very nature of this definition being an inclusive definition and not an exhaustive definition, an entity incorporated under a statute carrying on the business of financing would come under the definition of “financial corporation”. It shall not be presumed that only Govt. company and Public company are entitled for above deduction. Any financial corporation which is engaged in the activities specified in the said section are entitled to claim deduction specified in the said section. Decided in favour of the assessee. Valuation loss in respect of permanent investments allowed in favour of assessee Depreciation claim on the lease asset - Held that:- There is uncontroverted finding that for A.Y. 2002-03 and 2003-04, this issue was decided in favour of the assessee and the same has been accepted by the Department. Identically, for A.Y. 2004-05 and 2005-06, there was no change in facts, therefore, it was decided in favour of the assessee.
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