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2016 (5) TMI 327 - AT - Income TaxDisallowance u/s 14A - Held that:- It is noted that the assessee claimed that nil expenditure was incurred by the assessee in relation to earning of dividend income and ₹ 9,95,435/- was incurred by way of interest, which is not directly attributable to any source of income (Rs.97,21,446/-) Considering the totality of facts, argument of the assessee we are of the view, that at best, the disallowance may be restricted which cannot exceed the exempt income. We hold so. Depreciation on V-SAT Line/Infrastructure - at the rate of 15% OR 60% - Held that:- ACIT vs National Stock Exchange of India Ltd. (2011 (5) TMI 687 - ITAT MUMBAI) held that V-SAT network for the purposes of enabling screen based trading by the members is entitled to full depreciation. Higher rate of depreciation of 60% is allowable to the assessee.
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