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2019 (10) TMI 69 - ITAT MUMBAIDisallowance u/s 14A r.w.r. 8D(2)(iii) - Suo motu offered by the assessee - shares were held as strategic investments on which exempt income by way of dividend was earned - HELD THAT:- In order to maintain consistency as laid down by Hon’ble Supreme court in the case Radhasoami Satsang v. CIT [1991 (11) TMI 2 - SUPREME COURT] , we decide the issue against the assessee. For Completeness, we would like to clarify that in the case of Maxopp Investment Limited v. CIT [2018 (3) TMI 805 - SUPREME COURT] has rejected the dominant purpose theory for invoking provisions of Section 14A of the 1961 Act and hence the contention of the assessee that shares were held as strategic investments on which exempt income by way of dividend was earned and hence provisions of Section 14A cannot be invoked lacks merit in view of aforesaid decision of Hon’ble Supreme Court in the case of Maxopp Investment Limited(supra). Depreciation which was not claimed by the assessee in earlier assessment years prior to AY 2002-03 - HELD THAT:- We have observed that the assessee has not claimed depreciation in the earlier years prior to assessment year 2002-03 while computing its income under the 1961 Act. The AO has now taken into account depreciation which would have been allowable u/s 32 but was not claimed by the assessee while computing its written down value of the assets and income for all those years. We have observed that the tribunal while adjudicating appeal for AY 2012-13 in assessee’s own case followed the decision in assessee’s own case in Plastiblends India Ltd., v Addl. CIT [2017 (10) TMI 423 - SUPREME COURT]. In order to maintain consistency as laid down by Hon’ble Supreme court in the case of Radhasoami Satsang v. CIT [1991 (11) TMI 2 - SUPREME COURT] we decide the issue against the assessee by following the above said decision of the tribunal in assessee’s own case for immediately preceding assessment year 2012-13.
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