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2017 (1) TMI 564 - AT - Income TaxDisallowance determined under section 14A r.w.Rule 8D while computing book profit under section 115JB - Held that:- We find merit contention on behalf of the assessee and direct the AO to delete the adjustment made on account of estimated disallowance determined under section 14A r.w.Rule 8 D of the I.T.Rules, 1962 while computing book profit under section 115JB of the Act. See Alembic Ltd [2017 (1) TMI 513 - GUJARAT HIGH COURT] Denial of relief claimed under 115JB towards provisions to write off on account of diminution in the value of investment and bad debts written back during the year - Held that:- It is the case of the assessee that after the filing of the return of income the provisions of section 115JB was amended to include a new clause(i) in Explanation-1 after sub-section(2) of sub-section with retrospective effect from AY 2001-02 onwards. In view of the amendment, the assessee requested the AO to reduce the book profit by the amount of write backs of ₹ 4,50,000/- being provision for diminution in the value of investment and ₹ 9,53,624/- being provision for diminution in the value of investment and ₹ 9,53,624/- being provision for doubtful debts. It is the case of the assessee that in view of the retrospective amendment book profit declared is required to be reworked. The assessee has relied upon the decision in the case of Kochi Refineries Ltd. vs. Dy.CIT reported in (2010 (1) TMI 980 - ITAT MUMBAI). We note that the AO appears to have not examined the issue and factual aspects arising therein. Accordingly, the issue requires to be decided afresh at the end of the AO
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