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2015 (5) TMI 502 - AT - Income TaxDetermination of ALP on account of issue of equity shares - TPO adopted the value of each equity share as ₹ 756/- per share whereas according to the assessee it issued 555 lakhs equity shares each at ₹ 100/- per share during the relevant financial year - Held that:- Having regard to the circumstances of the case and in the light of the binding decisions of the Hon'ble Bombay High Court in Vodafone India Services Pvt. Ltd. case [2014 (10) TMI 278 - BOMBAY HIGH COURT] we hold that the AO erred in making the impugned addition referable to the price of shares and of the interest on deemed loan to the holding company. - Decided in favour of assessee. Disallowing site survey expenditure and professional fees - Held that:- The plea of the assessee that the expenditure pertains to general site survey and all the sites were not selected for erecting towers is not disputed by Revenue. In such an event of the matter it cannot be said that any new asset has come into existence with regard to the abandoned sites. Such being the case it is but natural to conclude that the expenditure incurred by the assessee has not given any enduring benefit to the assessee. The case law relied upon by the assessee squarely applies to the instant case and therefore we hold that the expenditure incurred by the assessee is allowable as deduction and consequently there is no question of allowing depreciation on the same. - Decided partly in favour of assessee.
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