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2012 (10) TMI 216 - ITAT MUMBAIDisallowance u/s 43B(f) towards provisions for leave encashment - Held that:- As decided in assessee’s own case in the preceding years that both the parties admitted that as per sec 43B(f) amount unpaid in respect of leave encashment deserves to be disallowed - against assessee. Disallowance u/s 14A - Held that:- Respectfully following the decision in the preceding year, in the current year also, we feel it appropriate to restore the issue to the file of the AO, with the direction to recompute the disallowance u/s 14A - in favour of assessee by way of remand. Interest u/s 234B & 234C - exclusion while computing the book profits under section 115JB - Held that:- As decided in Jtc. I. T., Mumbai Versus M/s Rolta India Ltd.[2011 (1) TMI 5 - SUPREME COURT OF INDIA] there is no exclusion of section 115J/115JA in the levy of interest under section 234B. The expression “assessed tax” is defined to mean the tax assessed on regular assessment which means the tax determined on application of section 115J/115JA in the regular assessment. Interest under section 234B is payable on failure to pay advance tax in respect of tax payable under section 115JA - against assessee. Carry forward of unabsorbed depreciation loss of earlier years without setting off the same against the capital gains - Held that:- The provisions of the Act are very clear and the plain meaning simply suggests that adjustment is required to be made and the AR’s reliance of the word may used in section 71(2), saying, it means that the Act gives an option to the assessee either to adjust or not to adjust business loss with capital gains will be of no use, because in the General Clauses Act, the word may has been interpreted to mean as shall, also, and in that case, the provisions of section 71(2) shall become absolute. View taken by the revenue authorities and pointed out that under all circumstances unabsorbed depreciation shall become current years’ depreciation, which shall in any case will have to be given first adjustment against any income is acceptable - against assessee.
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