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2019 (2) TMI 1764 - AT - Income TaxDisallowance u/s 14A - mandation of recording satisfaction - HELD THAT:- As decided in own case [2018 (10) TMI 1751 - ITAT MUMBAI] Satisfaction is mandatory in view of the above decision of Hon’ble Supreme Court in the case of Maxopp Investment Ltd [2018 (3) TMI 805 - SUPREME COURT] and in the present case, 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. MAT computation u/s 115JB - This issue is squarely covered in favour of assessee and against Revenue by the decision of Special Bench of this 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.
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