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2016 (2) TMI 376 - AT - Income TaxDisallowance u/s 14A - excluding interest on bank loan and term loans for the purpose of computing disallowance - Held that:- As relying on Champion Commercial Co Ltd case [2012 (10) TMI 24 - ITAT, KOLKATA ] we uphold the order of the Commissioner of Income Tax (Appeals) in excluding the interest on bank loan and term loans for the purpose of computing disallowance under Rule 8D(2)(ii). - Decided in favour of assessee Disallowance of foreign travel expenses - Held that:- on surmises and presumption, adhoc disallowance is not possible. However, we make it clear that there cannot be double claim of same expenditure, one in the hands of the assessee and another in the hands of the sister concern for the same assessment year, viz. 2012-13. Accordingly, this ground of appeal of the Revenue is also dismissed. - Decided in favour of assessee Disallowance invoking the provisions of sec.43B - employees contribution towards PF & ESI not paid within due date under the respective Act - Held that:- In the present case, the assessee had remitted the employees contribution beyond the due date for payment, but within the due date for filing the return of income, thus no disallowance required - Decided in favour of assessee
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