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2021 (7) TMI 1011 - AT - Income TaxDisallowance of interest u/s 36(1)(iii) - HELD THAT:- We note that assessee does have its own fund to advance money to the sister concern. However in the interest of Justice we deem it fit to remand to the AO for verifying cash flow statement for relevant period. Assessee is directed to furnish the cash flow statement that would disclose the funds available as on the date of advance to the sister concern. AO shall take a pragmatic approach in accordance with law considering the business exigency in the hands of assessee.Accordingly this ground raised by assessee stands allowed for statistical purposes. Depreciation claimed on the equipments - AO did not allow sum claimed as depreciation against electrical installations and furniture’s and fixtures on the ground that deduction for electrical installation and furniture fixtures already has been claimed u/s 24(a) - HELD THAT:- We note that the furniture fixtures and the equipments on which the depreciation has been claimed by assessee as an integral part of the rented premises on which standard deduction of 30% is claimed and allowed u/s 24 by Ld.AO. The primary condition as envisaged by Section 32 to claim the depreciation is that the assets should be used for the purposes of assessee’s business which has remained unfulfilled in the present facts before us. Therefore, we are unable to concur with the stand of the Ld.AR, in this regard.
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