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The Tax Publishers2019 TaxPub(DT) 2197 (Ahd-Trib) INCOME TAX ACT, 1961
Section 115JB read with Section 14A
Computation for the purpose of clause (f) of Explanation 1 to section 115JB(2) is to be made without resorting to the computation as contemplated under section 14A read with rule 8D.
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MAT - Book profit under section 115JB - Adjustment to book profit after of fecting disallowance under section 14A whether justified -
Assessee contended that AO had wrongly made upwards adjustments in book profit for the purpose of MAT liability on the basis of calculations made with Rule 8D of the Income Tax Rules, 1962. Held: Computation for the purpose of clause (f) of Explanation 1 to section 115JB(2) is to be made without resorting to the computation as contemplated under section 14A read with rule 8D. Thus, AO was not justified in making adjustments in book profit for the purpose of MAT liability on the basis of calculations made with rule 8D of the Income Tax Rules,1962.
Followed;Asstt. CIT v. Vireet Investment (P.) Ltd. (2017) 165 ITD 27 (Del-Trib) (SB) : 2017 TaxPub(DT) 1760 (Del-Trib)
REFERRED :
FAVOUR : In assessee's favour
A.Y. :
IN THE ITAT, AHMEDABAD BENCH
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