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2018 (3) TMI 1875 - AT - Income TaxDepreciation on uninterrupted power supply (UPS) - rate of 60% OR 15% allowed AO - HELD THAT - As on date there are number of decisions in favour of the assessee holding that UPS is to be granted the same rate of depreciation as that of a computer. In such circumstances we do not find any reason to interfere with the order CIT(Appeals). Appeal of the Revenue stands dismissed. See SUNDARAM ASSET MANAGEMENT CO. LTD. 2014 (2) TMI 224 - ITAT CHENNAI - Ground of appeal of the assessee is allowed and the assessee is entitled to claim depreciation @60% on UPS. Disallowance u/s.14A - HELD THAT - There is no doubt in our mind that the dissatisfaction expressed by the ld. Assessing Officer on the suo-motu disallowance made by the assessee was objective. No doubt in the judgment of Hon ble Apex Court in the case of Godrej and Boyce Manufacturing Company Ltd 2017 (5) TMI 403 - SUPREME COURT had held that ld. AO has to generate requisite satisfaction with regard to the correctness of the claim of the assessee on its admission of expenditure against exempt income before invoking Section 14A of the Act. Here in our opinion ld. AO had done so. The disallowance made was at 0.5% of average value of investment under Rule 8D(2) (iii) and as per the formula under Rule 8D(2) (ii). We do not find any reason to interfere with the disallowance made by the ld. AO. No reason to interfere with the disallowance made by the ld. Assessing Officer. - Decided against assessee.
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