TMI Blog2014 (1) TMI 1717X X X X Extracts X X X X X X X X Extracts X X X X ..... ection 154 of the Act. Whether the disallowances u/s 14A can be made and added to the book profits computed/s 115JB of the Act is a debatable one. The issue, being debatable in nature and the same is supported by the existence of divergent decisions cited by the Ld Counsel cannot be rectified as done by the Revenue in this case. - Decided in favour of assessee. - I.T.A. No.5353/M/2012 - - - Date ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... TAT, Mumbai in the case of ITO vs. RBK Share Broking Pvt. Ltd vide ITA No.7546/M/2011 6678/M/2011 dated 24.7.2013, which is relevant for the proposition that the disallowance u/s 14A is required to be computed as per Rule- 8Dof the IT Rules, 1962 and further, it is this amount which has been disallowed also to be added to the book profits for the purpose of computation u/s 115JB of the Act . Br ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he AO is not sustainable in law. Ld Counsel brought our attention to support the same. 3. On the other hand, Ld DR on the issue of debatability relied on the order of the AO. 4. We have heard both the parties on this limited issue of the debatability of the issue in question. It is a settled proposition of the Law that AO can only rectify u/s 154 the mistakes apparent / patent from the recor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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