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2019 (3) TMI 564 - ITAT MUMBAIDisallowance u/s 14A read with rule 8D - HELD THAT:- In the case of Vireet Investment Pvt. Ltd. [2017 (6) TMI 1124 - ITAT DELHI] has held that only those investments are to be considered for computing the average value of investment which yielded exempt income during the year. This is in the context of disallowance u/s 14A r.w. Rule 8D. We set aside the order of the CIT(A) and direct the AO to consider those investments for computing the average value of investments u/s 14A r.w. Rule 8D which yielded exempt income during the year. We direct the assessee to file the relevant documents/evidence before the AO. Thus the ground No. 1(e) is allowed for statistical purposes. MAT - adjustment to the book profit computation under section 115JB of the Act in respect of disallowance made under section 14A - HELD THAT:- In the case of Vireet Investment Pvt. Ltd. [2017 (6) TMI 1124 - ITAT DELHI] it is held that the disallowance u/s 14A r.w. Rule 8D could not be added while computing the book profits in terms of section 115JB as the Explanation to that section did not specifically mention section 14A of the Act. Hence, the computation under clause (f) of Explanation 1 to section 115JB(2) was to be made without resorting to the computation as contemplated u/s 14A r.w. Rule 8D of the Rules. Levy of interest under section 234D - HELD THAT:- AO is directed to compute the interest on excess refund, after examining the records. Depreciation at revalued cost of the machinery and not WDV - assessee continued to claim depreciation on the inflated cost of used assets - HELD THAT:- As mentioned by the Ld. CIT(A), the above issue has been decided in favour of the assessee by the Tribunal in AY 2007-08 and 2008-09. Also we find that similar view has been taken by the Tribunal in assessee’s own case in AY 2009-10 and AY 2011-12.
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