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2013 (9) TMI 434 - AT - Income TaxReimbursement of 50% of interest on housing loan taken by the employees - Employees of the assessee company have taken loan from the parties other than the assessee company and the company has actually reimbursed 50 per cent of the interest paid on the loan taken by the employees – Held that:- Allowed as expenditure to the Assessee – Decided in favor of Assessee. Claim for deduction being the amount written off on account of diminution in the value of investment in shares of Petroleum Infrastructure Ltd – Held that:- Loss on account of diminution in the value of investment in shares is allowable by way of capital loss only when transfer of shares takes place. In the present case, there is no transfer of shares in question and, therefore, the claim of the assessee regarding this diminution in the value of investment in shares is not allowable. - Decided against the assessee. Non-granting of depreciation of Rs.1,65,190/- on the assets leased to Rajasthan State Electricity Board (RSEB) - (a State Government Undertaking, formed under the State Electricity Supply Act) – Held that:- Relying upon the decision in the case of COMMISSIONER OF INCOME-TAX Versus GUJARAT GAS CO. LTD[2008 (9) TMI 126 - GUJARAT HIGH COURT], depreciation is allowed. Penalty u/s 271 (1) (c) of the Income Tax Act – Held that:- There is no material brought out by the AO to prove the ingredients for levy of penalty that the assessee has furnished inaccurate particulars of income or concealed particulars of income - There was no fault or willful negligence on the part of the assessee and, therefore, penalty is not justified – Decided in favor of Assessee.
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