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2016 (10) TMI 393 - AT - Income TaxDisallowance of expenses u/s 14A - Held that:- We find that the ld. CIT(A) has passed the order after taking into account the complete matter and reduced the disallowance to ₹ 759,39,128/-. We are in agreement with the ld.CIT(A) that the rule 8D is not applicable in the current assessment year as the same is effective from the assessment year 2008-09 and reasonable basis has to be followed in order to work out the disallowance u/s 14A of the Act. Thus, finding no infirmity in the order of ld. CIT(A) on this issue of disallowance of expenses u/s 14A. We find that the appeal filed by the department on this issue cannot be allowed and accordingly this ground of appeal is dismissed. Disallowance made under section 14A while computing the book profit under the provisions of section 115JB deleted MAT computation - interest u/s 234B - Held that:- AO is directed to recomputed interest u/s 234B by excluding MAT liability arising due to retrospective amendment in the provisions of section 115JB
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