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2018 (10) TMI 1898 - AT - Income TaxDisallowance of Railway punitive charges - HELD THAT:- As decided in own case [2018 (1) TMI 850 - ITAT KOLKATA] expenses were not allowed as deduction. We are of the view that in the facts and circumstances of the present case the claim of the assessee for deduction was rightly allowed by CIT(A) Interest paid on belated deposit of TDS - HELD THAT:- This issue is squarely covered by the decision of the Coordinate Bench on identical issues in the case of M/S NARAYANI ISPAT PVT. LTD. [2017 (10) TMI 67 - ITAT KOLKATA] to conclude that the interest expenses claimed by the assessee on account of delayed deposit of service tax as well as TDS liability are allowable expenses u/s 37(1) Disallowance u/s 14A r.w. Rule 8D(2)(ii) and (iii) - HELD THAT:- As the issue is squarely covered in favour of the assessee by the decision of the Coordinate Bench in assessee’s own case [2018 (1) TMI 850 - ITAT KOLKATA] wherein the Coordinate bench held that disallowance of interest expenses in terms of Rule 8D(2)(ii) was originally deleted by ld. CIT(A) as the own funds of the assessee are more than the investments. Disallowance under Rule 8D(2)(iii) - CIT(A) has followed the decision of the Tribunal in the case of REI Agro Ltd.[2013 (9) TMI 156 - ITAT KOLKATA]and has directed the Assessing Officer to exclude the investment which do not yield tax from income while working average value of investment. That is, only dividend bearing securities are included to compute the average investment. We note that the assessee’s issue is squarely covered by the judgment of the Coordinate Bench (supra) and there is no change in facts and law and the Revenue is unable to produce any material to controvert the aforesaid finding of the ld. CIT(A) and the ld. CIT(A) has allowed the appeal of the assessee by following the decision of the Tribunal in REI Agro Ltd. (supra). We find no reason to interfere in the order of the ld. CIT(A) and the same is hereby upheld.
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