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2018 (4) TMI 36 - AT - Income TaxTPA - machineries purchased along with accessories from its AE - determine the fair market value of the said machine - Held that:- These are some of the illustrative factors which by and large need to be seen while valuing the old machines, which in our opinion TPO has failed to take note of. He has also not carried out any independent exercise for the value of the machinery by any approved valuer/Chartered Engineer so as to controvert the fair market value determined by the assessee’s Chartered Engineer. Moreover, here in this case, it is an admitted fact that in the A.Y.2008-09, the TPO has accepted the same value as per the valuation report given by the Chartered Engineer in respect to the purchase of similar old machine along with its accessories from its AEs. Thus, we do not find any infirmity in the order by the ld. CIT (A) in holding that the adjustment made by the TPO is without any basis and has rightly been deleted by him. Accordingly, ground no.1 is dismissed. Disallowance on account of u/s.14A read with Rule 8D - Held that:- As no interest bearing funds have been diverted for the purpose of investment, therefore, ld. CIT(A) has rightly deleted the disallowance of interest Disallowance of claim of depreciation @ 60% on UPS - Held that:- CIT(A) has deleted the addition, following the judgment of Hon'ble Delhi High Court in the case of CIT vs. BSES Rajdhani Powers Ltd. [2010 (8) TMI 58 - DELHI HIGH COURT], wherein computer accessories/peripherals like printers, scanners, server, UPS, etc., have been held to be integral part of computer system, and therefore, entitled to depreciation @60%. - Appeal of revenue dismissed.
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