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2018 (4) TMI 508 - AT - Income TaxDisallowance u/s.14A - Held that:- We found that in the A.Y.2010-11 and 2009-10, matter was restored back to the file of the AO for deciding afresh after applying the decision of Bombay High Court in case of HDFC Bank Ltd.[2016 (3) TMI 755 - BOMBAY HIGH COURT] and also the decision of the Tribunal in the preceding years. We restore the matter back to the file of the AO for deciding afresh after considering the nature of investment having been made by the assessee in the mutual funds etc., where no much efforts are required to be undertaken. We direct accordingly. Not granting credit for TDS of ₹ 18,57,273/-, which was alleged to be short granted to the extent of ₹ 1,45,416/-. In the interest of justice, we direct the AO to verify the factual figure and for deciding afresh. MAT - Adding disallowance u/s.14A while computing book profit u/s.115JB - Held that:- This issue is squarely covered by the decision of ITAT in the case of M/s. Vireet Investment Pvt. Ltd. [2017 (6) TMI 1124 - ITAT DELHI] and case of M/s.JSW Energy Ltd.[2015 (5) TMI 823 - BOMBAY HIGH COURT]. Respectfully following the same, we direct the AO that no addition while computing book profit u/s.115JB is to be made with regard to amount in excess of what has been debited in the P & L account with respect to such exempt income. Meaning thereby, any disallowance made by the AO in excess of what has been claimed by the assessee should not be added while working book profit u/s.115JB. We direct accordingly.
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