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2014 (1) TMI 1445 - ITAT HYDERABADAdmission of additional evidence – Charging of interest on loan converted to equity shares – Held that:- The assessee has now provided evidence that they have been allotted shares for the amount advanced to its American Subsidiary - This alters the entire colour of transaction - the additional evidence admitted in the present appeal under the provisions of Rule 29 of the Appellate Tribunal Rules, 1963 – Following Abhay Kumar Shroff. Versus Income-Tax Officer [1997 (6) TMI 75 - ITAT PATNA] - The assessee as a matter of right could not file or filed them before the Tribunal as a matter of course - if the documents sought to be admitted even at the second appellate stage are of a nature and quantitatively such that they render assistance to the Tribunal in passing orders or are required to be admitted for any 'other substantial cause', it would rather be the duty of the Tribunal to admit them - if the receipt or admission of additional evidence is vital and essential for the purpose of consideration of the subject matter of appeal and to arrive at a final and ultimate decision, the Tribunal is amply empowered to admit additional evidence under Rule 29 - The TPO had no occasion to consider the new fact which goes to the root of the matter – the matter remitted back to the AO for fresh adjudication. Exemption u/s 10A of the Act – Adjustment on exempted income allowed – Held that:- The assessee company does not provide any technical services either in India or abroad and the company does not undertake any offshore development of software and hence no part of the expenses can be attributed towards providing technical services outside India - In the absence of any finding given by the Assessing Officer, contrary to the above contention of the assessee, so as to suggest that foreign travel expenditure has been incurred for providing technical services outside India - the claim of the assessee accepted and the Assessing Officer is directed to exclude the foreign travel expenditure while computing the exemption under section 10B of the Act – Decided in favour of Assessee.
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