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2015 (5) TMI 276 - HC - Income TaxDisallowance of the interest expenses under Section 14A r.w.r 8D - assessee soumoto disallowed the amount on adhoc basis - ITAT allowed claim - Held that:- We are in complete agreement with the view taken by the learned Tribunal and the reasons given by the learned Tribunal while deleting the disallowance of interest expenses under Section 14A of the Act as Assessing Officer as well as the Commissioner of Income Tax (Appeals) could not pinpoint any error in the computation of disallowance made by the assessee of ₹ 2,00,000/in earning tax free divided income. In the circumstances, in our considered opinion, disallowance of ₹ 6,22,228/could not have been made by the Assessing Officer and confirmed by the Commissioner of Income Tax (Appeals). View finds support from the decision of CIT vs. Consolidated Photo & Finvest Ltd. (2012 (7) TMI 312 - DELHI HIGH COURT ) - Decided in favour of assessee. Disallowance under Section 40(a)(ia) - non-deduction of TDS on overseas freight - ITAT deleting disallowance - Held that:- It is required to be noted that as per section 172 of the Act, payment made to the nonresident shipping company would not be covered in Sections 194C or 194 of the Act. At this stage it is required to be noted that it is not in dispute that the amount in question was infact paid to the nonresident shipping company. Under the circumstances, the learned Tribunal has rightly deleted the disallowance made by the AO under Section 40(a)(ia) of the Act. - Decided in favour of assessee.
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