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TMI Blog2016 (4) TMI 648X X X X Extracts X X X X X X X X Extracts X X X X ..... es examination at the end of the Assessing Officer. Accordingly we set aside the order of learned CIT(A) on this issue and direct the Assessing Officer to examine this issue afresh by considering the funds position of the assessee and take appropriate decision by following the ratio laid down by Hon'ble Jurisdictional Bombay High Court in the case of HDFC Bank Ltd. (2014 (8) TMI 119 - BOMBAY HIGH COURT ). Disallowance of depreciation on leased assets - Held that:- By following the decision rendered in the case of ICDS vs. CIT [2013 (1) TMI 344 - SUPREME COURT] as well as Coordinate Benches of the Tribunal in assessee’s own case, we set aside the order of learned CIT(A) on this issue and direct the Assessing Officer to allow the claim of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d that the claim of the assessee is supported by the Instruction No. 17 of 2008 dated 26.11.2008 issued by CBDT. The Learned AR also submitted that this issue has been decided in favour of the assessee by Hon'ble Gujarat High Court in the case of CIT Vs. UTI Bank Ltd. (212 Taxamn 296). 4. We have heard the counsels of both the parties and perused the record. Since the claim of the assessee is supported by the Circular issued by the CBDT (supra) as well as decision rendered by Hon'ble Gujarat High Court in the case of UTI Bank Ltd. (supra), we set aside the order of learned CIT(A) on this issue and direct the Assessing Officer to allow the claim of the assessee in accordance with Instruction No. 17 of 2008 issued by CBDT (referred ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e order of learned CIT(A) on this issue and direct the Assessing Officer to examine this issue afresh by considering the funds position of the assessee and take appropriate decision by following the ratio laid down by Hon'ble Jurisdictional Bombay High Court in the case of HDFC Bank Ltd. (supra). 8. The next issue urged by the assessee relates to the disallowance of depreciation on leased assets. The Ld A.R submitted that an identical issue has been decided in favour of the assessee by the Coordinate Bench of the Tribunal in assessee s own case for A.Y. 1995-96 to 1998-1999. She further submitted that the order passed by the Tribunal for AY 1996-97 and 1997-98 has been reported in 40 CCH 175. The Ld A.R also submitted that an identic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e u/s 14A of the Act. 11. The next issue urged by the revenue relates to deletion of the disallowance relating to broken period interest. The Ld A.R submitted that an identical issue has been decided in favour of the assessee by the Coordinate Bench of the Tribunal in assessee s own case relating to A.Y. 1995-96 to 1998-99. She further submitted that the decision rendered by the Tribunal for AY 1996-97 and 1998-99 has been reported in 40 CCH 175. Since the decision rendered by learned CIT(A) on this issue is in accordance with the decision rendered by the Tribunal, we do not find any reason to interfere with his order passed on this issue. 12. The next issue relates to the disallowance of bad debts claimed by the assessee in respect o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee for AY 1999-2000. Consistent with the view taken in that year, we set aside the first issue to the file of the AO with similar directions. With regard to the second issue, we direct the AO to compute the disallowance, if any, in accordance with the Instruction No. 17 of 2008 issued by CBDT (referred supra). With regard to the third issue relating to depreciation on leased assets, we direct the AO to allow the claim of the assessee, since it is in accordance with the decision rendered by the co-ordinate benches in the assessee s own case for earlier years and also by the Hon ble Supreme Court in the case of ICDS Ltd (supra). The direction of the Ld CIT(A) with regard to the exclusion of capital component of leased income stands set asi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appeal filed by the revenue for assessment year 2001-02 and 2002-03, wherein the following issues are agitated:- (a) Disallowance u/s 14A of the Act. (b) Disallowance of bad debts. (c) Disallowance of depreciation on leased assets. The first issue is being set aside to the file of the AO in both the years, since we have set aside an identical issue to the file of the AO while adjudicating the appeal filed by the assessee for AY 1999-2000. With regard to the disallowance of administrative expenses, we direct the AO to examine the same afresh after considering the explanations of the assessee. The second issue is covered in favour of the assessee by the Instruction No.17/2008 dated 26.11.2008 and accordingly we direct the AO to a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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