2018 (11) TMI 388

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....n order for the sake of convenience and brevity. First we take up ITA.No.1087/Mum/2014 for AY 2010-11 which contest the order of Ld. Commissioner of Income-Tax (Appeals)-8 [CIT(A)], Mumbai, Appeal No.CIT(A)-8/Cir.4/252/2012-13 dated 03/01/2014 by raising following grounds of appeal:- 1. On the facts and in the circumstances of the cae and in law, the learned Deputy Commissioner of Income tax (hereinafter referred as "DCIT") has erred in disallowing depreciation on BSE Trading rights of Rs. 6,400,000 and the Honorable Commissioner of Income-Tax (Appeals) [hereinafter referred to as CIT(A)] has erred in confirming the action of the learned DCIT. The learned DCIT be directed to allow Depreciation claim on BSE Trading Rights amounting to Rs. ....

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....The second addition pertains to disallowance u/s 14A. It was noted that the assessee earned exempt dividend income u/s 10(34) for Rs. 31.01 Lacs and against the same, offered suo-moto disallowance of Rs. 3.05 Lacs. However, not convinced, Ld. AO applying Rule 8D, computed aggregate disallowance of Rs. 3.50 Lacs which comprised-off of interest disallowance u/r 8D(2)(ii) for Rs. 0.46 Lacs and expense disallowance u/r 8D(2)(iii) for Rs. 3.03 Lacs. After ad usting the suo-moto disallowance of Rs. 3.05 Lacs as offered by the assessee, the net disallowance thus worked out to Rs. 0.45 Lacs, which was added to the income of the assessee. Both the additions / disallowances, upon confirmation by first appellate authority, are under appeal before us. ....

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....nvestments which have yielded exempt income during the year. The assessee, in turn, is directed to provide necessary computations in this regard. This ground stand allowed for statistical purposes. The appeal stand partly allowed for statistical purposes. ITA No.3672/Mum/2016, AY 2011-12 5. The effective grounds raised under the appeal read as under:- 1. On the facts and in the circumstances of the case and in law, the learned Additional Commissioner of Income tax (hereinafter referred as "ACIT") has erred in disallowing depreciation on BSE Trading rights of Rs. 48,00,000 and the Honorable Commissioner of Income-Tax (Appeals) [hereinafter referred to as CIT(A)] has erred in confirming the action of the learned ACIT. The learned ACIT be....

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....e CIT(A) has directed the AO to verify the claim and allow deduction of 50% accordingly. The learned ACIT be directed to allow deduction u/s 80G of Rs. 25,500 and reduce the total income accordingly. 6. That on the facts and in the circumstances of the case and in law, the learned ACIT has erred in charging excess interest u/s/ 234B and interest u/s. 234C of the Income Tax Act, 1961. The Honorable CIT(A) has directed the AO to re-compute the interest and charge accordingly. The learned ACIT be directed to charge interest u/s.234B and interest u/s. 234C as per law thereby reduce the total income tax demand accordingly. 6.1 Ground Number-1, being similar as in AY 2010-11, stands dismissed in view of the admission made by Ld. AR that the ....