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2016 (3) TMI 962 - AT - Income TaxDisallowance of depreciation on customer rights - Held that:- Respectfully following the order of Tribunal in assessee’s own case, we direct the AO to allow assessee’s claim of depreciation on customers’ rights as once it is seen that the expenditure has been incurred for acquiring the business, we cannot hold that acquisition of customer rights are bogus. We, therefore, hold that the expenditure as such was genuine.Once the expense has been accepted by us to be genuine, it would fall within the inclusions of section 32(1)(ii). - Decided in favour of assesse Disallowance u/s 14A - Held that:- Assessee is in the business of stock broking having taxable brokerage of income. Most of the expenses were incurred for the purpose of business and the expenditure incurred for investment in shares was suo motu offered for disallowance. So far as disallowance of interest is concerned, we found that interest income earned by the assessee was more than the interest expenditure and since the interest income is positive no interest disallowance can be made.- Decided in favour of assesse Disallowance of claim of bad debts - Held that:- The issue is covered in favour of assessee vide order of the Tribunal in assessee’s own case for A.Y.2007-08 upholding the action of CIT(A) for deleting disallowance of bad debts. Also see CIT Vs. Shreyas S. Morakhia [2012 (3) TMI 103 - BOMBAY HIGH COURT ].- Decided in favour of assesse Disallowance of depreciation on VSAT (Very Small Aperture Terminal) - Held that:- Respectfully following the order of the Tribunal in assessee’s own case for earlier AYs we confirm the action of CIT(A) for deleting the disallowance of depreciation on VSAT.- Decided in favour of assesse Disallowance of Vanda loss - Held that:- Respectfully following the order of the Tribunal in assessee’s own case for earlier AYs we confirm the action of CIT(A) for deleting the disallowance - Decided in favour of assessee Disallowance of mark to market loss - Held that:- CIT(A) has deleted disallowance by relying on the order of special bench of the Tribunal in the case of CIT Vs. Bank of Baharain [2010 (8) TMI 578 - ITAT, MUMBAI ]. The issue is covered in favour of the assessee vide decision of the Hon’ble Supreme Court in the case of CIT Vs. Woodward Governor [2009 (4) TMI 4 - SUPREME COURT] - Decided in favour of assessee Disallowance on depreciation on goodwill - Held that:- Explanation 3 to Section 32(1)(ii) the commercial or business right which is similar to a "licence" or "franchise" is declared to be an intangible asset, therefore, the right of membership, which includes right of nomination, is a "licence" or "akin to a licence" which is one of the items which falls in Section 32(1)(ii). See CIT Vs. Smiff Securities [2012 (8) TMI 713 - SUPREME COURT ] - Decided in favour of assessee
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