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2013 (8) TMI 191 - HC - Income TaxDisallowance on depreciation on intangible asset - Tribunal deleted disallowance - Held that:- installation of software could be checked by the technical person whether it was loaded in the system or not. Therefore, the finding in the survey cannot be relied upon. Even the AO has accepted the fact that some of the software were developed locally and installed in the system - valuation report of assets prepared by Dalal Mott Macdonald which was found in survey which indicated that software developed and installed by the assessee in the system. The assessee produced all the vouchers and receipt for the same which was also examined by learned CIT(A). Nothing is produced during the course of arguments to rebut the findings of learned CIT(A) - Decided against Revenue. Disallowance of interest u/s. 36(1)(iii) - Tribunal deleted addition - Held that:- advances made to the different concerns were for the purpose of purchase of raw material or for the purchase of plant-machinery. On having found from the record that there was sufficient fund available with the assessee-respondent, it had held that there was no question of diversion of interest bearing funds by way of loan and advances - Following decision of S.A. Builders Ltd. Vs. Commissioner of Income-tax(Appeals) and another [2006 (12) TMI 82 - SUPREME COURT] - Decided against Revenue. Disallowance of loss on sale of raw materials - Tribunal deleted addition - Held that:- assessee had provided the requisite details elaborately before the CIT(A) and based on that the remand report was called for from the Assessing Officer. It was noted by the Tribunal that the assessee suffered a loss and this basic fact was not even challenged by the Assessing Officer in the remand report submitted to the CIT(A) - Decided against Revenue. Difference in balance - Tribunal deleted addition - Held that:- In absence of any difference in details and reconciliation statement furnished by the assessee, the CIT(A) deleted the addition and the same came to be confirmed by the Tribunal. There being no material to take a contrary view & as both the authorities have concurrently held to delete the said addition - Decided against Revenue.
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