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2021 (8) TMI 1181 - AT - Income TaxDisallowance u/s 80IA - reasoning of the Assessing Officer to make the disallowance was that the assessee had incurred expenditure like managerial remuneration, audit fee, staff welfare expenses, legal and professional expenses, etc. and the same have to be apportioned between 80IA units and non 80IA units - HELD THAT:- As relying on own case [2020 (9) TMI 1206 - ITAT BANGALORE] we direct the CIT(A) to consider the issue afresh. It is ordered accordingly. Addition of total income interest received on refund u/s 244A - HELD THAT:- Admittedly, the Income Tax Department had issued interest u/s 244A on Income-tax refund for assessment year 2012-2013 amounting to ₹ 1,53,504 on 08,07.2013. Since the assessee had received a sum of ₹ 1,53,504 during the relevant assessment year, the same has to be brought to tax as income from other sources, in view of the judicial pronouncements cited by the Assessing Officer at para 8.1 of the impugned assessment order. Therefore, the ground relating to interest income received on refund u/s 244A of the I.T.Act whether it can be taxed in the relevant assessment year, is rejected. Allowable expenditure of interest u/s 201(1A) - HELD THAT:- The Hon’ble Apex Court in the case of Bharat Commerce & Industry v. CIT [1998 (3) TMI 2 - SUPREME COURT] had held that interest for late payment of direct taxes is not a deductible expenditure. In view of the clear dictum laid down by the Hon’ble Apex Court, the interest expenditure paid u/s 201(1A) of the I.T.Act cannot be allowed as a deduction.
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