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2018 (8) TMI 1916 - AT - Income TaxDisallowance u/s 14A - estimated basis at 0.5% of average investments yielding tax free income - HELD THAT:- Direct the AO to restrict the disallowance on exempt income at 1%. We direct accordingly. Disallowance of payment made to liquidator of BCCI - HELD THAT:- As the facts and circumstances during the year under consideration are same, respectfully following the order of the Tribunal we do not find any justification for disallowing payment to liquidator of BCCI. The AO is directed to delete the same. Disallowance of loss on account of write off on redemption of D-2 Plus funds - HELD THAT:- carefully gone through the orders of the Authorities below as well as the order of the Hon'ble Karnataka High Court in the case of Canara Bank [2014 (1) TMI 1586 - KARNATAKA HIGH COURT] . We find that as per the finding recorded by the CIT(A) the issue has been decided in A.Y. 1999-2000 as well as in A.Y. 2004-05 in favour of the assessee. However, the Department has not come in appeal before the Tribunal. Moreover the issue is covered by the decision in the case of Canara Bank (supra). Accordingly, we do not find any reason to interfere with the order of CIT(A) for allowing the write off on redemption of D-2 Plus funds. Disallowance of loss on account of amount written off on account of Bank of India Mutual Rising Monthly Income (1990) Scheme - HELD THAT:- We uphold the order of the CIT(A) for deleting the disallowance of loss on account of amount written off. Exclusion of income of foreign branches - HELD THAT:- Respectfully following decision of the Tribunal in assessee’s own case as stated above, we do not find any reason to interfere with the order of the CIT(A) for excluding the income of foreign branches from assessee’s income. Disallowance of provision for wage arrears - HELD THAT:- No reason to interfere in the order of the CIT(A) for deleting the disallowance made for provision for wage arrears. Disallowance of interest accrued but not due on securities - HELD THAT:- This issue is also decided by the Hon'ble High Court in the case of DIT vs. Credit Suisse First Boston (Cyprus) Ltd. [2012 (8) TMI 17 - BOMBAY HIGH COURT]. No reason to interfere in the order of the CIT(A) for deleting the disallowance of interest accrued but not due on securities. Disallowance of bad debts written off - HELD THAT:- It has been decided in favour of the assessee by the ITAT in A.Y. 2007-08 after having detailed observation in paras 3 to 5. Respectfully following the same we do not find any reason to interfere in the order of the CIT(A) for deleting the disallowance on bad debts written off. Addition made on account of diminution in the value of investments - HELD THAT:- We have carefully gone through the orders of the Authorities below and find that the issue is covered by the decision of the ITAT in assessee’s own case for A.Y. 2008-09 and also by the Hon'ble Bombay High Court in the case of HDFC Bank . [2014 (8) TMI 119 - BOMBAY HIGH COURT] . Respectfully following the same we do not find any reason to interfere in the order of the CIT(A) for deleting the addition made on account of diminution of value of investment. Disallowance of depreciation on leased assets - HELD THAT:- Respectfully following the order of the Tribunal in assessee’s own case, we do not find any reason to interfere in the order of the CIT(A) for deleting the disallowance of depreciation on leased assets.
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