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2015 (6) TMI 794 - AT - Income TaxDisallowance of the 'Provision for Leave Encashment' - Held that:- Issue is liable to be decided against the assessee following the decision of the Pune Bench of the Tribunal in the assessee's own case for earlier assessment years 2002-03 & 2003-04 .As the aforesaid precedents continue to hold the field, we hereby affirm the action of the lower authorities in disallowing assessee's claim for deduction on account of Provision for leave encashment amounting to ₹ 5,36,234/- - Decided against assessee. Disallowance of the 'Expenses claimed on account of the Portfolio Management Services (PMS) fees' - Held that:- Respectfully following the decision of the Tribunal in the case of KRA Holding and Trading Pvt. Ltd. (2013 (9) TMI 1013 - ITAT PUNE) we hold that the 'PMS' fees paid by the assessee is an allowable deduction from the capital gains - Decided against revenue. Computation of deduction available to the assessee u/s 80-IA of the Act with respect to the profits and gains of the Windmill Undertaking - adoption of the 'initial assessment year' - Held that:- Similar issue was considered by the Tribunal in the assessee's own case for assessment years 2004-05 to 2006-07 after following the judgement of the Hon'ble Madras High Court in the case of Velayudhaswamy Spinning Mills (P) Ltd. vs. ACIT, [2010 (3) TMI 860 - Madras High Court] upheld the plea of the assessee. - Decided in favour of assessee.
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