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2018 (6) TMI 825 - AT - Income TaxDisallowance u/s 14A r.w.r. 8D - Held that:- There is no doubt that purpose for which shares are held is not relevant and expenditure corresponding to the non-taxable income has to be disallowed proportionately. In view of the above, we feel it appropriate to restore this issue to the file of the Assessing Officer for determining proportionate disallowance of expenditure under section 14A of the Act following the decision of the Hon’ble Supreme Court in the case of Maxxop Investment Limited (2018 (3) TMI 805 - SUPREME COURT OF INDIA). It is needless to mention that the assessee shall be afforded adequate opportunity of being heard. Disallowance under section 14A to the book profit under section 115JB - Held that:- Computation under clause (f) of Explanation 1 to section 115JB(2) is to be made without resorting to the computation as contemplated u/s 14A read with Rule 8D of the Income tax Rules 1962 - addition under clause (f) of Explanation 1 to section 115JB of the Act need to be determined without resorting to computation provided in section 14A read with Rule 8D of the Rules. Accordingly, we restore the issue in dispute to the file of the Assessing Officer for deciding in accordance with law after providing adequate opportunity of being heard to the assessee. Not granting TDS credit - Held that:- In the instant case, the assessee has not presented before us details of each TDS amount, credit of which has not been allowed by the Assessing Officer. In view of circumstances, we restore this issue to the file of the Assessing Officer and direct him/her to verify and allow the claim of the TDS in view of our direction above. We also direct the assessee to produce original copies of TDS certificates for verification along with one photocopy of said certificates before the Assessing Officer within 3 months of receipt of this order. The Assessing Officer may verify genuineness of the TDS certificates and allow the credit of the TDS amount accordingly Error in tax computation form - arithmetical error - Held that:- We are agreed with the Ld. counsel that Assessing Officer has committed mistake in transporting amount of profit under section 115 JB of the Act from assessment order to tax computation form. We, accordingly, direct the Assessing Officer to rectify the mistake and re-compute the tax liability of the assessee accordingly. This ground of the appeal is accordingly allowed for statistical purposes.
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