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| The Tax Publishers2019 TaxPub(DT) 2954 (Ahd-Trib) INCOME TAX ACT, 1961
Section 80-IAB
Expenditure disallowed under section 14A being related to business activity against which Chapter VI-A deduction was claimed, deduction had to be allowed on enhanced profits in the light of CBDT Circular No. 37/2016[F.No. 279/Misc./140/2015/ITJ/, dt. 2-11-2016.
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Deduction under section 80-IAB - Computation - Treatment of amount disallowed under section 14A -
Assessee company engaged in integrated port and SEZ development. claimed deduction under section 80-IAB. AO did not include amount disallowed under section 14A while computing amount deductible under section 80-IAB. Held: Expenditure disallowed under section 14A being related to business activity against which Chapter VI-A deduction was claimed, deduction had to be allowed on enhanced profits in the light of CBDT Circular No. 37/2016[F.No. 279/Misc./140/2015/ITJ/, dt. 2-11-2016.
REFERRED : Income Tax Officer-Ward 5(1) v. Keval Construction (2013) 33 taxmann.com 277 (Guj.) : 2013 TaxPub(DT) 1595 (Guj-HC), CIT-IV v. Sunil Vishwambharnath Tiwari (2015) 63 taxmann.com 241 (Bom.) : 2015 TaxPub(DT) 3661 (Bom-HC), Pr. CIT v. Surya Merchants Ltd. (2016) 72 Taxmann.com 16 (All.) : 2016 TaxPub(DT) 3567 (All-HC).
FAVOUR : In assessee's favour.
A.Y. : 2009-10 & 2010-11
INCOME TAX ACT, 1961
Section 14A
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