2010 (12) TMI 1220

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....al by the assessee is directed against the order of ld. CIT(A)-18, Mumbai dated 19.01.2010 and in the solitary ground raised therein, the assessee has challenged the additions of Rs. 7,35,145/- and Rs. 18,228/- made by the A.O. and confirmed by the ld. CIT(A) on account of disallowance of expenses u/s 14-A and depreciation on UPS and Scanner respectively. 2. The assessee in the present case is ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ule 8-D is applicable retrospectively. The expenses attributable to earning of exempt dividend income thus was worked out by the A.O. at Rs. 7,35,145/- by applying Rule 8-D and the said amount was disallowed by him by invoking the provisions of section 14-A. On appeal, the ld. CIT(A) confirmed the said disallowance made by the A.O. 3. We have heard the arguments of both the sides and also perus....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e same afresh in the light of the decision of Hon'ble Bombay High Court in the case of Godrej Boyce Mfg. Co. Ltd. (supra). As further submitted by the learned counsel for the assessee in this context, investment in the shares which fetched the dividend income having been made by the assessee out of its own funds and not from the borrowed funds, there was no interest expenditure incurred by the ass....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....s to any electronic or other high speed data processing device and includes all input and output devices which are connected to or related to it. Respectfully following the said decision of the Special Bench, we hold that the assessee is entitled to claim higher depreciation of 60% on Scanner being an input device which is connected to the computer. As regards the UPS, we are of the view that the ....