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2020 (7) TMI 155 - AT - Income TaxDepreciation on Non-compete Fee @25% - HELD THAT:- Respectfully following the consistent view of the Tribunal [2019 (6) TMI 542 - ITAT MUMBAI] we direct the A.O. to allow deprecation on non– compete fee @ 25% by treating it as an intangible asset. Disallowance of depreciation on adoption of wrong actual cost of various fixed assets - HELD THAT:- As decided in own case [2019 (6) TMI 542 - ITAT MUMBAI] Co-ordinate Bench has restored this issue back to the file of Assessing Officer after placing reliance on the earlier order of Tribunal in assessee’s own case for assessment year 2006-07. Disallowance of interest under section 36(1)(iii) - AO held that the investments have been made by utilizing borrowed interest bearing funds in the aforesaid subsidiary companies AND the investment is unrelated to the business of assessee - HELD THAT:- We find that in assessment year 2012-13 disallowance under section 36(1)(iii) of the Act was made by the Revenue on identical set of facts. The Co-ordinate Bench of the Tribunal following the order of Tribunal in assessee’s own case in preceding assessment years deleted the disallowance [2019 (6) TMI 542 - ITAT MUMBAI] - Decided in favour of assessee. Addition of unutilized CENVAT u/s 145A - exclusive method followed by the assessee was not in accordance with provisions of section 145A - HELD THAT:- We find that the addition on account of unutilized CENVAT credit was made in assessee’s case in assessment year 2012-13 for similar reasons. The Tribunal restored the issue back to the Assessing Officer. TP Adjustment - corporate guarantee commission and interest on loan extended to subsidiary Piramal Glass UK ltd. - HELD THAT:- As in assessee's own case [2019 (6) TMI 542 - ITAT MUMBAI] DRP has directed the Assessing Officer to compute interest at LIBOR plus 3%.Tribunal has directed to compute interest on interest free loan advanced to the AE at LIBOR plus 200 basis points. Insofar as adjustment on account of corporate guarantee commission is concerned, the Tribunal has directed the Assessing Officer to compute the corporate guarantee fee @ 0.5% - We respectfully following the decision of the Co-ordinate Bench partly allow ground. Disallowance made under section 14A r.w.r 8D - HELD THAT:- DRP has directed the Assessing Officer to delete the disallowance. However, it appears that the Assessing Officer has failed to give effect to with the directions of the DRP on this issue. The ground of the appeal are restored to the Assessing Officer to give effect to the directions of the DRP on the issue of disallowance under section 14A r.w.r. 8D. Disallowance under section 14A of the Act for the purpose of computing profit book profits under section 115JB - HELD THAT:- Since we have already restored the issue of disallowance under section 14A r.w.r. 8D to the Assessing Officer for giving effect to the order of DRP, the ground No.XI is also restored back to the Assessing Officer for reconsideration in line with the decision of Special Bench in the case of ACIT vs. Vireet Investments Pvt. Ltd. [2017 (6) TMI 1124 - ITAT DELHI] - The ground of the appeal is allowed for statistical purpose. Short credit of TDS - HELD THAT:- This issue is restored back to Assessing Officer for re-verification. The Assessing Officer is directed to allow TDS credit as per actual records. The ground of appeal allowed for statistical purpose. Short interest under section 244A - HELD THAT:- This ground is consequential. Therefore, the same is dismissed. Order being pronounced after ninety (90) days of hearing - COVID-19 pandemic and lockdown - HELD THAT:- Taking note of the extraordinary situation in the light of the COVID-19 pandemic and lockdown, the period of lockdown days need to be excluded. See case of DCIT vs. JSW Limited [2020 (5) TMI 359 - ITAT MUMBAI]
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