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2017 (9) TMI 1882 - AT - Income TaxDisallowance u/s 14A r.w. Rule 8D2(iii) in the normal computation of income - assessee before us contends that only those investments which yielded dividend income during the year should be considered for computing the disallowance Rule 8D2(iii) r.w.s 14A - HELD THAT:- As decided in own case [2017 (9) TMI 655 - ITAT MUMBAI] relying on VIREET INVESTMENT (P.) LTD. [2017 (6) TMI 1124 - ITAT DELHI] we restore this issue to the file of the Assessing Officer with a direction to recompute the disallowance under Rule 8D2(iii) by considering only those investments which yielded dividend income during the Assessment Year 2008-09. This ground of appeal is allowed for statistical purpose. Disallowance made u/s 14A while computing the book profits u/s 115 JB - HELD THAT:- We direct the Assessing Officer to compute the book profits in accordance with directions of the Hon'ble Special Bench in the case of ACIT v. Vireet Investments Private Limited (supra). Disallowance under 115JB for working out book profits as adopted by the Assessing Officer u/s 14A of the Act - HELD THAT:- Ground of appeal is restored to the file of the Assessing Officer to compute the book profits u/s 115JB in view of the decision of the Delhi Special Bench in the case of ACIT v. Vireet Investments Private Limited (supra) wherein it has been 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 r.w. Rule 8D of I.T. Rules.
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