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2014 (7) TMI 801 - AT - Income TaxClaim for bad debts written off – Held that:- It is clearly is in the nature of business loss, allowable in the year in which it stands incurred - details of redemption furnished reveal a claim arising for the current year - there being no examination and, consequently, finding in the matter by the authorities, the issue relating to the deductibility of claim for the current year is remitted back to the AO – Decided in favour of Assessee. Employees’ contribution to PF – Held that:- In Jt. CIT v. ITC Ltd. [2007 (9) TMI 295 - ITAT CALCUTTA] it has been clarified that section 43B is only in respect of employer’s contribution to the relevant fund/s and not the employee’s contribution - The deduction qua the employee’s contribution stands squarely covered by section 36(1)(va) r/w.s. 2(24) – all the payments is to be made after 20th of the following month – the disallowance is confirmed – Decided against Assessee. Interest and expenses u/s 14A – investment in shares of companies and mutual fund units - Held that:- If a direct nexus between the investment and own funds cannot be shown by the assessee with reference to its accounts, the presumption would only be of the loans as financing proportionately all the assets, including assets yielding income not forming part of the total income - CIT(A) has given a clear and specific direction for applying the proportionate formula and, further, only in respect of the tax free securities - onus to show which of its securities are tax-free, i.e., income from which, whether on holding or on transfer, would not form part of total income, is on the assessee – thus, the matter is to be remitted back to the AO for adjudication – Decided in favour of Assessee.
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