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2015 (10) TMI 2640 - AT - Income TaxAddition u/s 14A - as per assessee investments made in the companies are strategic investments which have been made for business purposes and therefore should not be considered when computing the average value of investments for the purpose of Rule 8D(2)(ii) and 8D(2)(iii) - Held that:- The claim of strategic investments made by the assessee need verification. We, therefore, restore the entire issue to the file of the AO. The AO is directed to verify the claim of the assessee that the investments are made for strategic purposes and decide this issue afresh in the light of the findings given by the Tribunal in assessee’s own case in earlier assessment years and also keeping in mind that if investments are found to be of strategic in nature then to decide the issue as per the decision of the Tribunal given in the case of J.M. Financial Ltd.[2014 (4) TMI 752 - ITAT MUMBAI] read with M/s. Garware Wall Ropes Ltd. [2015 (2) TMI 628 - ITAT MUMBAI]. With the above directions, ground are treated as allowed for statistical purpose. Disallowance of amortization of premium paid for leasehold land - Held that:- Tribunal has followed the decision of the Co-ordinate Bench in assessee’s own case for A.Y. 2005-06 [2010 (10) TMI 214 - ITAT MUMBAI ] and dismissed the appeal of the assessee. Addition on account of unutilized cenvat credit - Held that:- This issue has been decided in favour of the assessee and against the Revenue by the Tribunal [2014 (9) TMI 1099 - ITAT MUMBAI] wherein the Tribunal has observed the directions given to the AO to recast the accounts of the assessee by considering the element of Excise duty and other taxes in opening stock, purchases, sales and inventory has to be decided as per the findings given in A.Y. 2006-07. Respectfully following the directions given by the Co-ordinate Bench, we direct accordingly. Value to be adopted with regard to the opening written down value of the block of assets - Held that:- This issue has been decided against the assessee by the Tribunal in assessee’s own case for A.Y. 2006-07 Disallowance on account of the provision for diminution in the value of investments while computing Book profits u/s. 115JB -Held that:- This issue is now decided against the assessee and in favour of the Revenue in view of the retrospective amendment by the Finance Act No.2 of 2009 with effect from 1.4.2001, now that this issue is covered by the Amendment against the assessee
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