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2018 (5) TMI 124 - AT - Income TaxDisallowance u/s.14A - Held that:- AO is directed to restrict the disallowance u/s.14A to the exempt income earned in line with the decision of the Hon’ble Delhi High Court in the case of M/s.Joint Investments Pvt. Ltd. [2015 (3) TMI 155 - DELHI HIGH COURT]. For the AY 2011-12, as it is noticed that the disallowance u/s.14A as computed is lower than the exempt income earned, the disallowance as confirmed by the Ld.CIT(A) stands upheld. In regard to the computation of the book profits u/s.115J, as it is noticed that the issue is squarely covered by the decision in the case of M/s.Vireet Investment Pvt. Ltd.[2017 (6) TMI 1124 - ITAT DELHI] the AO is directed not to include the disallowance u/s.14A when computing the book profits u/s.115J. Hire charges paid by the assessee company in respect of chartered flight in respect of the travel of the Managing Director of the assessee company - Held that:- The details in respect of the expenditure incurred for hiring of the Chartered flight was produced before the AO only on the last day of the assessment. This being so, in the interest of natural justice, this issue is restored to the file of the AO for re-adjudication after granting the assessee adequate opportunity to substantiate its case Expenditure incurred in respect of the expansion of the assessee’s business - Held that:- AO is directed to allow the expenditure as Revenue expenditure. See COMMISSIONER OF INCOME-TAX Versus RANE (MADRAS) LTD. [2007 (6) TMI 25 - HIGH COURT, MADRAS ] Carry forward of the unabsorbed depreciation - as per AO 08 years limitation in respect of the carry forward of the depreciation had expired - Held that:- As it is noticed that the issue under appeal is squarely covered by the principles laid down by the Hon’ble Gujarat High Court in the case of Gujarat Themis Biosyn Ltd.[2014 (5) TMI 194 - GUJARAT HIGH COURT] as also the decision of the General Motors [2012 (8) TMI 714 - GUJARAT HIGH COURT], and as it is noticed that the Ld.CIT(A) has followed the principles laid down by the Hon’ble Gujarat High Court in the above decisions in respect of the carry forward of the unabsorbed depreciation by treating the same as depreciation for the current year, we find no reason to interfere in the findings of the Ld.CIT(A) on this issue
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