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2012 (7) TMI 237 - AT - Income TaxDisallowance of Society Charges paid in respect of property given on leave and license - amount is being claimed as deduction from profit of his business by assessee - Held that:- As per the provisions of section 23 the Annual Letting Value of the property is determined, and as per the fiction created in section 23(1)(a) the fair market value also can be treated as the annual letting value if the same is more than actual rent received or receivable. Section 24 provides the rights of the assessee to claim the deduction on some equal to 30% of the annual value and Interest on the borrowed capital if the same is used for acquiring, constructing or renovating the property and other than this, no other deduction is allowed - rightly denial of deduction claim of assessee - against assessee. Disallowance of Generator Running Expenses - no evidence was produced by the appellant for expenses having incurred genuinely for the diesel expenditure - Held that:- Considering submissions made by assessee that Diesel Generator was for the warehouse of appellant, that all bills were produced before the AO and (DR) relied upon the orders of the lower authorities - from the details filed by the assessee and admitted that payments were made in violation of Sec. 40A(3) for purchasing diesel disallowance is restricted to Rs. 1,51,315/- out of the disallowance upheld by the CIT - partly in favour of assessee.
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