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2017 (10) TMI 1206 - AT - Income TaxDisallowance of amortization of premium on leasehold land - Held that:- As decided in assessee in own case for previous AY the assessee made substantial savings in monthly rent for a period of 39 years by expending these amounts. The saving in expenditure was a saving in revenue expenditure in the form of rent. Whatever substitutes for revenue expenditure should normally be considered as revenue expenditure. Moreover, assessee in the present case did not get any capital asset by spending the said amounts. The assessee, therefore, could not have claimed any depreciation. Looking to the nature of the advantage which the assessee obtained in a commercial sense, the expenditure appears to be revenue expenditure. - Decided in favour of assessee. Disallowance u/s. 14A read with Rule 8D. - Held that:- As decided in assessee in own case for A.Y 2004-05 & 2005-06 addition need to be deleted.- Decided in favour of assessee. Calculating the book profit under section 115JB and disallowance under section 14A - Held that:- Recently the Special Bench of Delhi Tribunal in ACIT Vs. Vireet Investment Pvt. Ltd.[2017 (6) TMI 1124 - ITAT DELHI] held that computation under Clause-(f) of Explanation-1 to section 115JB(2) of the Act is to be made without resorting to computation as contemplated u/s 14A r.w. Rule 8D of the Act. We may note that lower authority was not having the benefit of decision of Special Bench while passing the order impugned in the present appeal. Income from Oil Bonds to be taxed as Business Income - Held that:- Considering the decision of Co-ordinate Bench in assessee’s own case wherein the similar ground of appeal was restored to the file of CIT(A), hence, keeping in view, the principle of consistency, this ground of appeal is also restored to the file of ld. CIT(A) to decide it afresh, with similar directions. In the result, this ground of appeal is allowed for statistical purpose. Contribution to Rajiv Gandhi Institute of Petroleum Technology - Held that:- The contribution was made by assessee as per the directive of Ministry of Petroleum and Natural Gas. Rajiv Gandhi Institute of Petroleum Technology is an organization set up by Government of India for promoting quality and excellence in education and research in the area of Petroleum and Hydrocarbon. The Institute is providing education relating to the research leading to award of Bachelors, Master and Doctoral degree and Engineering Technology, Management, Science and Arts in the area of Petroleum and Hydrocarbon besides other innovative research and development for the benefit of Oil, Gas and Petrochemical Industry. The receipt of contribution placed by assessee contains the reference of certificate of exemption under section 80G, granted to Rajiv Gandhi Institute of Petroleum Technology vide letter no. 58-59/130/19/2006-07/IT/A-A-1/Luck/126/121. The assessee has already declared income for the AY under consideration, the assessee has contributed ₹ 1.55 Crore only to the said institute. We therefore direct the AO to allowed the deduction of the said contribution under section 80G
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