Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (10) TMI 1751 - AT - Income TaxAddition u/s 14A r.w.r 8D - HELD THAT:- There is no whisper about rejection of assessee’s contention of expenses disallowed suo moto in relation to earning of exempt income. Hence, according to us there is no satisfaction recorded by the AO for rejection of the assessee’s disallowance and accordingly, we delete the disallowance. Disallowance of expenses relatable to exempt income under section 14A while computing the book profit under section 115JB - HELD THAT:- Tribunal in the case of Vireet Investments (P.) Ltd. [2017 (6) TMI 1124 - ITAT DELHI] wherein the Tribunal has clearly held that no disallowance under section 14A of the Act r.w.r 8D of the Rules can be made while computing book profit under section 115JB of the Act. The learned Sr. DR could not controvert the above proposition. Accordingly, we are of the view that this issue is covered by the special bench decision of this Tribunal in the case of Vireet Investments (P.) Ltd. (supra). Respectfully following the same, we delete the disallowance and allow this issue of assessee’s appeal. Depreciation on computer accessories and printers at 60% - BSES YAMUNA POWERS LLD. / BSES RAJDHANI POWERS LTD. [2010 (8) TMI 58 - DELHI HIGH COURT] Interest receipt are business income because the assessee, for a very short period investing in FD’s and Mutual Funds and earned interest income which is incidental
|