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2018 (2) TMI 109 - AT - Income TaxTPA - Adjustment on shareholder corporate guarantee - Held that:- We find that the coordinate bench in assessee’s own cases and its group cases held that amendment to section 92B are applicable prospectively from AY 2013-14. Therefore, the amended provision is not applicable to the present AY under consideration. Therefore, the ground raised by the assessee is allowed. Disallowance u/s 14A - Held that:- With regard to investment in APGPCL, the coordinate bench has remitted this issue back to the file of the AO to verify the contention of the assessee and, if, found correct, the investment should be excluded from the calculation under rule 8D(2)(iii). Therefore, we are also inclined to remit this issue back to the file of the AO to verify the contention of the assessee. With regard to investment in Moonglow company, which is overseas investment, we direct the AO to include those investments which have generated exempt income and exclude those which have generated taxable income or not generated any income as per the provisions of section 14A, as per which, we have to exclude those expenses which are connected with the generation of exempt income. Therefore, ground raised by the assessee in this regard is allowed for statistical purposes. Set off of previous years losses and unabsorbed depreciation - Held that:- When the assessee raised objection before the DRP, the DRP remitted the matter to the file of the AO to verify the claim of the assessee with reference to records and take appropriate action as per law.
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