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2023 (2) TMI 1077 - KARNATAKA HIGH COURTRevision u/s 263 by CIT - Excess allowance of deduction u/s 36(1)(viii), Wrong disallowance of liability in respect of contribution to gratuity fund and pension fund,Allowance of provisions for depreciation on investments, Interest under Section 115P was not levied on the delay in payment of dividend tax, Allowance of expenditure incurred on new logo was allowed as deduction - HELD THAT:- Out of the five issues taken up u/s 263 of the Act, issues no. i, iii and v are covered by decisions noted supra. The issue no. ii is with regard to the accounting standards and Assessee is following AS-15 and made remittances in respect of contribution to gratuity fund, therefore, it is entitled for deduction in terms of Section 43B of the Act. With regard to issue no. iv, Shri. Suryanarayana is right in his submission that a separate order is required with regard to interest and the same cannot be computed in order passed u/s 143(3) of the Act. Thus, in our considered view, the conclusions arrived by the AO is neither erroneous nor prejudicial to the interest of the Revenue. Decided in favour of assessee.
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