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2013 (7) TMI 471 - AT - Income TaxDisallowance of depreciation - CIT(A) deleted the disallowance of depreciation on financial leased assets - Held that:- While claiming the depreciation allowance, the assessee has offered the principal portion of the lease rental also for taxation - Otherwise, it was sufficient for the assessee to offer the interest portion alone, as income for taxation - It is seen that whether the method already followed by the assessee is accepted or method proposed by the Revenue is accepted, the ultimate effect is Revenue-neutral - Decided against revenue. Nature of Guarantee commission paid by assessee company to holding company - Debt claim - Held that:- payment towards guarantee fee cannot be regarded as income from debt claim - guarantee commission in the light of the Double Taxation Avoidance Agreement cannot be treated as being in the nature of interest or debt claim - Following decision of Vijay Ship Breaking Corporation v. Deputy CIT [2002 (4) TMI 252 - ITAT RAJKOT] - Decided against Revenue.
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