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2016 (12) TMI 1812 - AT - Income TaxDepreciation on assets leased - Whether such transactions to be finance transactions instead of lease transactions? - HELD THAT:- As decided in own case [2015 (4) TMI 725 - ITAT MUMBAI] in the absence of any proper material and record to come to such a finding, we are of the opinion that this matter needs to be restored back to the file of the Assessing Officer to examine it afresh. Thus the claim of depreciation on the assets pertaining to the aforesaid three sale and leaseback transactions which have been entered into this year is set aside to the file of the Assessing Officer to decide the issue afresh - Decided partly in favour of assessee for statistical purposes. Addition of remission of loan both under the normal provision and also u/s.115JB - HELD THAT:- Neither the provisions of Section 41(1) is applicable nor assessee’s income was liable to tax u/s.28(iv) of the IT Act. The CIT(A) has also called remand report and after considering the same and applying various proposition of the law, reached to the conclusion that remission of loan would not be chargeable to tax either u/s.41(1) or u/s.28(iv) of the IT Act. The detailed finding so recorded by CIT(A) has not been controverted by DR by bringing any positive material on record. Accordingly, we do not find any reason to interfere in the order of the CIT(A) deleting the addition made on account of remission of loan. MAT computation for remission of loan - We found that there was a remission of principal amount of loan - As decided in NILGIRI TEA ESTATES LTD. [2012 (2) TMI 553 - ITAT COCHIN] profit from sale of agricultural land, which is not a “Capital Asset”, cannot be included for the purpose of computing book profit u/s 115JB - we restore the matter back to the file of the AO for deciding afresh Charging of interest u/s.234B where income is assessed u/s.115JB - HELD THAT:- As relying on KWALITY BISCUITS LIMITED [2006 (4) TMI 121 - SC ORDER] we direct the AO to delete the interest charged u/s.234B
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