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2014 (2) TMI 465 - AT - Income TaxDisallowance of repair and maintenance expenses - excess depreciation on furniture and fixture and plant & machinery – Held that:- The decision in IP Support Services (India) Pvt. Ltd. Versus DCIT (OSD) CIT-IV, New Delhi [2012 (9) TMI 364 - ITAT DELHI] followed - There is no error whatsoever in the order of the Ld. CIT (A) - there was no separate claim of repair and maintenance and depreciation by the assessee - The reimbursement and 25% mark up had already been offered by the assessee to tax - The reimbursements have been found on deductions claimed in the profit and loss account on account of repair and maintenance of building, furniture and depreciation claimed on computers, furniture and fixtures, vehicles and office equipment provided - The order pertaining to the deletion of disallowances on account of repair and maintenance on let out buildings and disallowance on account of depreciation claimed on furniture, fixtures and plant and machinery upheld – Decided against Revenue. Disallowance u/s 14A of the Act r.w. Rule 8D of the Rules - Held that:- The Tribunal has upheld the findings of the Commissioner of Income Tax(A) which deleted the addition made by the Assessing Officer by invoking Rule 8D of the Income Tax Rules r/w section 14A of the Act - the assessee had itself added portfolio management expenditure incurred for maintaining portfolio of the assessee and the assessee has added expenditure of portfolio management services voluntarily, then if it is found that no interest expenditure stood debited in the P&L account, Rule 8D r/w section 14A of the Act cannot be invoked - the Commissioner of Income Tax(A) rightly upheld part addition in this regard and another part of the addition has been deleted on justified grounds – there is no reason to interfere with the findings of the Commissioner of Income Tax(A) – Decided against Revenue.
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