2015 (7) TMI 1210

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....f the Income Tax Act, 1961 (the Act) dated 19/12/2011. 2. First we may take up the appeal of the assessee wherein each of the ground of appeal is being dealt with in seriatim. 3. In so far as the first issue is concerned, the same relates to a claim of deprecation amounting to Rs. 8,92,714/- on intangible assets acquired in the past years. The AO and thereafter, the Ld. CIT(A) have declined the assessee's claim for depreciation on the basis of the earlier years. At the time of hearing before us, Ld. Representative of the assessee fairly conceded that for assessment year 2000-2001 the Tribunal vide its order in ITA No.8276/Mum/2004 dated 9/5/2008 has decided the issue against the assessee. Notably in the past years, assessee had pu....

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...., we hereby affirm the disallowance of Rs. 10,51,252/- as above. Thus, on this aspect also the assessee fails. 6. The third issue in this appeal is with regard to an amount of Rs. 9,46,480/- which represented liability towards post retirement medical claim for the employees. The AO as well as the Ld. CIT(A) declined the claim for deduction on the ground that it was a contingent liability whose outcome was dependent on contingent factors of future obligations. The Ld. CIT(A) further noticed that the impugned amount was neither paid to the employees during the year and nor it was set apart in a separate fund and, therefore, it was an unascertained liability. 6.1 Before us the Ld. Representative for the assessee fairly conceded that simi....

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....s appeal of the Revenue the only issue raised is against the decision of Ld. CIT(A) in deleting an addition of Rs. 84,16,188/- made by the AO under section 14A of the Act on the basis of clause (ii) of Rule 8D(2) of the Rules. 10.1 In this context brief facts are that the AO observed that interest expenditure relatable to the earning of exempt income was liable to be disallowed under section 14A of the Act. The AO worked out such disallowance by applying clause(ii) of Rule 8D(2) of the Rules. 10.2 Ld. CIT(A) noticed that the investments which yielded exempt income were made during the year under consideration and that no interest cost could be attributable to the same following the ratio of the judgment of Hon'ble Bombay High Cour....