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2013 (6) TMI 533 - AT - Income TaxDisallowance u/s 43B - Held that:- Facts and circumstances of the case leading to disallowance u/s 43B by hypothetically holding a view that the claim of the assessee becomes double deduction has not been interpreted correctly by the AO for the impugned assessment year even when the matter has been adjudicated upon and deliberated by the Tribunal in assessee’s own case for the immediately preceding assessment years beginning from 1996-97. As the valuation of stock is not part of the claim of excise duty remaining unpaid. Therefore, it was misapplication of facts and figures in the mind of the AO to have discovered double deduction for the purpose of disallowance u/s 43B. In favour of assessee. Disallowance u/s 14A - CIT(A) restricted it to 1% only - Held that:- As relying on DCIT vs EIH Associated Hotels Ltd (2008 (1) TMI 426 - ITAT CALCUTTA-D) & Sagrika Goods & Services Pvt. Ltd. [2013 (6) TMI 534 - ITAT KOLKATA] has restricted the disallowance u/s 14A at 1% of the exempt income for years prior to the A.Yr.2008-09. Therefore, respectfully following the same AO directed to recomput the disallowance of expenditure relating to the exempt income at 1% of the exempt income being Long Term capital gain and dividend income - In favour of assessee.
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