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2014 (2) TMI 1020 - AT - Income TaxDisallowance made u/s.14A r.w.s. rule 8D of the Act Held that:- No disallowance can be made by applying the provisions of rule 8D - A.O. had disallowed 1% of the interest expenses on adhoc basis and the same was enhanced by CIT (A) by following the method prescribed under Rule 8D - AO has not pin pointed any expenditure which the assessee has incurred for earning exempt income Relying upon Maxopp Investment Ltd. & Others Versus Commissioner of Income Tax [2011 (11) TMI 267 - Delhi High Court] thus, the addition set aside Decided in favour of Assessee. Depreciation on lease-hold land Held that:- The land in question was not acquired by the assessee - Merely because the deed was registered the transaction in question would not assume a different character - By obtaining the land on lease the assessee has acquired a facility to carry on business by paying nominal lease rent, therefore, lease rent paid was held allowable as Revenue expenditure Relying upon DCIT vs. Sun Pharmaceuticals Industry Ltd. [2009 (3) TMI 587 - Gujarat High Court] - thus, the matter has been remitted back to the file of AO for fresh adjudication Decided In favour of Assessee.
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