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2019 (7) TMI 595 - AT - Income TaxDisallowance of amortization of premium on leasehold land - HELD THAT:- We find that the identical issue has already been decided by the Hon’ble ITAT in in assessee’s own case [2017 (6) TMI 1173 - ITAT MUMBAI] holding that amortization of premium on leasehold land was allowable as a revenue expenditure in the hands of the assessee corporation. Therefore, respectfully following the decision of the Coordinate Bench of Hon’ble ITAT and in order to maintain judicial consistency, we apply the same findings which are applicable mutatis mutandis in the present case. Resultantly, this ground raised by the assessee stands allowed. Disallowance u/s 14A - HELD THAT:- Adhoc disallowance made by the A.O u/s 14A cannot be approved. We thus set aside the orders of the lower authorities and delete the disallowance made in the hands of the assessee u/s 14A. Loss on sale of oil bond - Whether Oil bonds are capital asset? - capital loss OR business loss - HELD THAT:- Considering the decision of Co-ordinate Bench in assessee’s own case [2017 (10) TMI 1206 - ITAT MUMBAI] 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. Disallowance of prior period expenditure - HELD THAT:- As decided in assessee's own case [2017 (10) TMI 1206 - ITAT MUMBAI] there the turnover or.he assessee is substantial, some bonafide adjustments in the books of accounts where the accounts for the relevant year may have been closed or the assessee's avenues for claiming these deductions in the relevant year have been exhausted. The assessee would be entitled to claim such deductions.Therefore we are unable to come to any other conclusion and are or the opinion that no interference in the impugned order is called for. Accordingly the ground raised by the Revenue is rejected
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