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2015 (3) TMI 527 - AT - Income TaxDisallowance of belated deposit of employees' contribution to P.F. - CIT(A) deleted disallowance - Held that:- In the present case, it is an admitted fact that the assessee has deposited the PF well before the due date of filing of the return. We find that it is allowable as per decision of the Hon'ble Supreme Court in the case of CIT Vs. Alom Extrusion Ltd reported in (2009 (11) TMI 27 - SUPREME COURT) - Decided against revenue. Disallowance made on account of Cess payable on Green Leaf - CIT(A) deleted disallowance - Held that:- Similar issue has been adjudicated in the case of CIT Vs. AFT Industries Ltd [2004 (7) TMI 81 - CALCUTTA High Court] wherein held as in respect of computation of income of tea grown and manufactured, a fiction has been created under which both the agricultural component and the business component of the income would be assessed together for the purpose of computing the income under the Act and only after the computation of the total income, the apportionment is to be made determining 60 per cent, as agricultural income. When by fiction the income is computed as an income under the Act, all deductions as are available both for the agricultural component and for the business component of the income are to be allowed as a natural corollary. Therefore, the entire amount paid as cess under the Agricultural Income-tax Act is eligible for deduction - Decided in favour of assessee. Disallowance on account of exchange fluctuation on the foreign loan - Held that:- In the present case it is clear as to whether the term loan was capital in nature related to the purchase of assets or it was revenue in nature. We, therefore, restore this issue to the file of the AO, who will decide the same afresh in accordance with law after considering the ratio laid down by the Hon'ble Delhi High Court in the case of CIT Vs. Woodward Governor India P.Ltd [2007 (4) TMI 118 - HIGH COURT , DELHI] - Decided in favour of assessee for statistical purposes. Disallowance u/s. 40A(3) - Held that:- As it is not clear as to whether the AO has considered the payment of individual item or total items while making the disallowance u/s. 40A(3) of the Act. We, therefore, deem it appropriate to set aside this issue back to the file of the AO to be adjudicated afresh in accordance with law after providing reasonable opportunity of being heard to the assessee. - Decided in favour of assessee for statistical purposes.
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