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2016 (3) TMI 1367 - AT - Income TaxDisallowance u/s 14A - admission of additional ground - HELD THAT:- Respectfully following the decision of ORIENTAL INSURANCE COMPANY LIMITED. VERSUS ASSISTANT COMMISSIONER OF INCOME-TAX. [2009 (2) TMI 240 - ITAT DELHI-B] the additional ground raised by assessee is allowed. Accordingly, it is held that the provisions of section 14A are not applicable in the case of assessee. Therefore, the addition stands deleted. Provision for stock holding and other charges - HELD THAT:- As submitted that the expenditure on this head of account was actually paid by the assessee but inadvertently shown it as provision. Ld. counsel further submitted that this expenditure has been allowed in earlier years. Ld. counsel further submitted that this expenditure should be allowed in terms of section 43B also. He further submitted that assessee did not get sufficient opportunity to explain the facts in this regard. We have considered the submissions of both the parties. We are of the opinion that the facts in regard to this issue needs to be re-marshaled. We, therefore, restore this issue to the file of AO for deciding the issue de novo in accordance with law, after affording reasonable opportunity of being heard to the assessee.
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