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2018 (12) TMI 191 - AT - Income TaxDisallowance of expenditure being the professional fee paid to Preroy AG - Held that:- As decided in assessee's own case [2016 (5) TMI 280 - ITAT MUMBAI] we uphold the disallowance made by the Assessing Officer on this issue. As regards the point submitted by the learned counsel of the assessee for consideration, we find that the above order of the ITAT has already been appealed by the assessee before the Hon'ble High Court. We note that the matter is already before the Hon'ble High Court and we are of the considered opinion that these points referred by the learned counsel of the assessee are not cogent. Accordingly, we decline to accept these submissions, and consequently we do not find it proper to distinguish the consistently held view of the tribunal. Disallowance u/s 14A - Held that:- We direct that the disallowance u/s 14A should be made in respect of only those investments which yielded dividend income during the year under consideration and disallowance should be restricted to 0.5% of the average value of such investments. Disallowance of business expenses - Held that:- As the assessee submitted that in Assessment Year 1999- 2000, the Tribunal had held that the same should be done pro-rata as that of Sec. 14A of the Act. Upon careful consideration, we follow the same and order accordingly. Interest u/s 234D - whether CIT(A) has erred in holding that interest u/s 234D should not be charged where refund has been received before 01.06.2003? - Held that:- As find merits in the Appellant submission that Sec. 234D has been inserted by the Finance Act 2003 w.e.f. June 1st 2003. Accordingly, all the ingredients for its applicability must take place after its coming into force. The AO is, therefore, directed not to charge interest u/s. 234D where refund has been received by the assessee before the date of insertion of Sec. 234D. In the result the appeal is allowed.
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