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2017 (8) TMI 77 - AT - Income TaxDisallowance of amortization charges of leasehold land - Held that:- There is no material on record to show that assessee has made these payments as advance rent for future years to secure any reduction in rent payable for future years or for any other business consideration. We are, therefore, unable to appreciate arguments advanced by Ld. Counsel that these advances paid are towards advance rent. Even from the terms of agreements, it is not clear as to whether advances paid has been adjusted against future rent or whether these are in the nature of security deposits which are refundable in nature on termination of agreements. Both parties before us have expressed their intention regarding issue being re-adjudicated by assessing officer de novo. Accordingly, we are inclined to set aside this issue to Ld. AO for fresh adjudication. Ld. AO shall investigate upon and take all necessary steps to ascertain true nature of alleged lease premium paid by assessee in the three agreement made as per law. Depreciation at rate of 60% on computer peripherals allowed. See CIT vs. BSES Yamuna Power Ltd.[2010 (8) TMI 58 - DELHI HIGH COURT ] Addition on account of Sec. 14A read with Rule 8D - Held that:- Issue of section 14A read with Rule 8D for year under consideration is also set aside to Ld. AO with a similar direction to re-compute disallowance of expenditure under section 14A read with Rule 8D as per ratio laid down by Hon’ble Delhi High Court in the case of Cheminvest Ltd., vs CIT [2015 (9) TMI 238 - DELHI HIGH COURT].
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