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2016 (4) TMI 1352 - AT - Income TaxDisallowance of interest and other expenditure u/s 14A by attributing it to earning exempt income u/s 10 - denial of exemption u/s 10(38) in respect of long-term capital gains on sale of shares held as long term investments and taxing it as business income - disallowance of amortization of Employee Stock Option Plan (ESOP) expenses - disallowance of software expenditure towards licences fees - HELD THAT:- As relying on assessee's own case appeal for fresh adjudication after granting a reasonable opportunity of being heard to the assessee as per the set principles of natural justice. AO is directed to decide the same strictly in the light of the ratio laid down in the said order of the Tribunal . Broken period interest debited to the Profit & Loss Account - whether the same is required to be adjudicated in view of the judgment in the case of CIT vs. HDFC Bank Ltd [2014 (8) TMI 119 - BOMBAY HIGH COURT] - HELD THAT:- After hearing both the parties on this issue, we remand the Ground no.5 to the file of the AO as desired by the ld Representatives of both the parties for fresh adjudication. AO is directed to adjudicate this issue in the light of the said judgment of Hon’ble High Court (supra) complying with the ratio laid down in the said judgment on the issue under consideration - Appeal of the assessee is allowed for statistical purposes.
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