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2016 (4) TMI 648 - AT - Income TaxDisallowance of claim of bad debts - Held that:- Bad debts claimed by the assessee should be set off against the opening balance available in the “Provision for bad and doubtful debts” account created u/s. 36(1)(viia) of the Act and the balance shall be allowable as deduction u/s 36(1)(vii) of the Act supported by the Instruction No. 17 of 2008 dated 26.11.2008 issued by CBDT and case of CIT Vs. UTI Bank Ltd. [2013 (1) TMI 209 - GUJARAT HIGH COURT] Disallowance of interest expenditure relating to tax free income, apparently u/s 14A - Held that:- the claim of the assessee with regard to availability of interest free funds requires examination at the end of the Assessing Officer. Accordingly we set aside the order of learned CIT(A) on this issue and direct the Assessing Officer to examine this issue afresh by considering the funds position of the assessee and take appropriate decision by following the ratio laid down by Hon'ble Jurisdictional Bombay High Court in the case of HDFC Bank Ltd. (2014 (8) TMI 119 - BOMBAY HIGH COURT ). Disallowance of depreciation on leased assets - Held that:- By following the decision rendered in the case of ICDS vs. CIT [2013 (1) TMI 344 - SUPREME COURT] as well as Coordinate Benches of the Tribunal in assessee’s own case, we set aside the order of learned CIT(A) on this issue and direct the Assessing Officer to allow the claim of depreciation on leased assets
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