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2023 (3) TMI 675 - HC - Income TaxEntitled to claim the left over portion of depreciation being the carry forward figure from the previous year u/s 32(1)(iia) - HELD THAT:- Same issue arose in the assessee’s own case for the assessment year 2006-07 [2015 (5) TMI 647 - ITAT KOLKATA] the appeal filed by the revenue is dismissed. Thus, following the said decision, the substantial question of law (ii) is answered against the revenue. Disallowance u/s 14A r.w.r. 8D - assessee has sufficient own funds - HELD THAT:- Tribunal after taking note of the factual position found that the assessing officer has not examined the accounts of the assessee and there is no satisfaction recorded by the assessing officer about the correctness of the claim of the assessee and without doing so, he has invoked Rule 8D(2)(ii) of the Income Tax Rules which is impermissible in law. Furthermore, the learned Tribunal had perused a chart which was produced by the assessee before the learned Tribunal setting out the financial position of the assessee. From the said chart the learned Tribunal found that the assessee had sufficient own funds which are several times more than the investments made by the assessee and, therefore, it can be concluded that the borrowed funds have not been utilised for the purpose of making investments. After recording such a factual position, the learned Tribunal rightly held that the assessing officer could not have invoked Rule 8D(2)(ii) of the Income Tax Rules. See Century Plyboards (I) Ltd., [2022 (9) TMI 1040 - CALCUTTA HIGH COURT] - Decided against the revenue.
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