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2012 (9) TMI 316 - AT - Income TaxInterest paid for acquisition of capital assets for existing business or expansion of business - violation of section 36(1)(iii) - addition - Held that:- Since the acquisition of land is of capital nature and therefore, interest paid for borrowings for the purpose of purchasing of such land is not allowable. As far as other items are concerned, it was stated that no business purpose is there. Order of CIT(A) upheld confirming addition on account of interest dis-allowance - Decided against assessee Addition u/s 40(a)(ia) - non-deduction of tax at source from amount paid as repair and maintenance - Held that:- Since the payments have already been paid, provisions of section 40(a)(ia) are not applicable. Addition is directed to be deleted. See ACIT V. Merilyn Shipping & Transports (2012 (4) TMI 290 - ITAT VISAKHAPATNAM) - Decided in favor of assessee
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