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2015 (5) TMI 1163 - AT - Income TaxDisallowance u/s 14A - Held that:- When the assessee has brought out a case that no expenditure other than that disclosed in the return, has been incurred for earning the income which does not part of the total income, and in the absence of finding by the Assessing Officer that expenditure has been incurred for earning the exempt income the provisions of section 14A could not be invoked to make an additional disallowance under the facts and circumstances of the present case. - Decided in favour of assessee Allowance of depreciation on moulds (plastics) at the reduced rate of 15% as against 30% claimed by the assessee - Held that:- Identical issue came up for adjudication before the ITAT in assessee’s own case for the Assessment Years 2005-06; 2006-07 and 2007-08 and the Tribunal has consistently decided the issue in favour of the assessee. Disallowance u/s 145A in respect of unutilized MODVAT credit - Held that:- As relying on assessee's own case we are of the opinion that the issue being the consistency to be followed in the calculation of closing stocks in ‘inclusive method’ as prescribed by the ICAI the matter needs to be restored back to the file of the Assessing Officer with similar directions as given in the earlier years. Appeal of assessee is allowed for statistical purposes.
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