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2015 (2) TMI 494 - AT - Income TaxDisallowance of expenses - CIT(A) allowed claim in part- Held that:- With regard to the expenses, we notice that the Ld CIT(A) has analysed each expense and has given proper reasoning to allow the same. As noticed earlier, the Ld CIT(A) has confirmed disallowance of transfer charges and car expenses. Since we have confirmed the decision of the Ld CIT(A) that the hoarding charges and trading in silver are required to be assessed as Business income, we do not find any infirmity in the decision of Ld CIT(A) in directing the AO to allow the expenses claimed. Accordingly we uphold his order on this issue. - Decided against revenue. Assessment of gain arising on sale of Pune land - claim of deduction u/s 54EC - Held that:- All the sequences in the case would show that the assessee has continued to hold the land as its Capital asset. Under these circumstances, we are of the view that the Ld CIT(A) was justified in holding that the gain arising on sale of land should be assessed as “Long term Capital gain” only. Consequently the Ld CIT(A) was also justified in holding that the assessee can claim deduction u/s 54EC of the Act, subject to the fulfillment of conditions prescribed in that section.- Decided against revenue. Disallowance of Car expenses in respect of the Car owned by a Director - Held that:- When it was asked as to whether the company has passed any resolution in respect of the Car expenses of the director or was there any agreement between the assessee company and the director with regard to the usage of car, the Ld A.R fairly admitted that the assessee did not possess such kind of documents. In the absence of any agreement or any other document to support the claim of the assessee, we have no other option, but to confirm the order passed by Ld CIT(A) on this issue. - Decided against assessee.
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