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2012 (11) TMI 271 - AT - Income TaxDepreciation - ownership - held that:- Merely because the property has not been registered in the name of the assessee, disallowance of depreciation cannot be made. Application of section 14A - held that:- disallowance confirmed to that extent especially when the assessee admitted in his submissions dated 2.12.2010 before the ld. CIT(A) to the fact of part of such expenses have been incurred for earning exempt income and accordingly, provided its own working of such expenses relating to Head office at Ansal Plaza, Delhi Addition on account of valuation of closing stock of sugar – undervaluation – alleged that the assessee is following the method of valuation of stock of sugar on the basis of cost or market price whichever is lower – Held that:- the method of valuation adopted by the assessee was accepted.- in favour of the assessee Taxation of interest on Income Tax refund - assessee in the original return offered interest on Income Tax refund to tax, in the revised return filed, assessee reduced the aforesaid interest on the ground that the receipt was inchoate – Held that:- assessee filed revised computation to exclude interest on refund, which was originally granted by taking the loss on export as ‘Nil’ - there is not even a whisper regarding method of accounting regularly followed by the assessee in accounting interest on refund granted by the Department - matter remanded Interest u/s 234D of the Act – Held that:- CIT(A) did not pass a speaking order on the issue and merely observed that levy of interest u/s 234D is only consequential in nature. Since subsequently refund has been granted to the assessee - matter remanded back to the file of the ld. CIT with the directions to pass a speaking order
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