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2013 (8) TMI 940 - ITAT CHENNAIDisallowance under section 14A - Held that:- The assessee has not filed the break-up before the Assessing Officer. He has filed only before the ld. CIT(Appeals) and based on the break-up, the ld. CIT(Appeals) has calculated the disallowance under section 14A r.w. Rule 8D. The specific submissions made by the ld. DR is that no such break-up were filed before the Assessing Officer and the Assessing Officer had no occasion to see the break-up of the interest and the issue requires to be remitted back to the Assessing Officer. Under these circumstances, we set aside the order passed by the ld. CIT(Appeals) and remit the matter back to the file of the Assessing Officer and direct the Assessing Officer to calculate the disallowance under section 14A r.w. Rule 8D after examining the break-up of the investments in accordance with law after allowing sufficient opportunity of hearing to the assessee. Disallowance under section 40(a)(i) on account of commission paid to overseas agencies - Held that:- It is an admitted fact that the assessee had paid selling commission to the nonresident /overseas agent for procurement of orders from overseas buyers. This expenses incurred by the assessee for a service rendered by a non-resident outside India. In this case, since the commission was paid to a non-resident agents for the services rendered outside India, such payments are not chargeable to tax in India and therefore, the provisions of section 195 are not applicable. Foreign exchange fluctuation loss - Held that:- We find that the assessee has incurred loss relating to its business only and in view of the decision of CIT v. Panchmahal Steel Ltd. [2013 (5) TMI 686 - GUJARAT HIGH COURT]this ground of appeal raised by the Revenue is dismissed.
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