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2018 (5) TMI 1546 - AT - Income TaxDisallowance u/s 14A r.w.r. 8D - administrative expenses towards exempted dividend income - Held that:- The assessee had received dividend income only from Mcleod Russel India Ltd. and accordingly any disallowance of expenses u/s 14A of the Act towards administrative expenses could be made only with respect to such investments. Respectfully following the co-ordinate Bench decision of this Tribunal rendered in the case of REI Agro Ltd. [2013 (9) TMI 156 - ITAT KOLKATA], we direct the AO to make disallowance under third limb of Rule 8D(2) of the Rules by considering only dividend bearing investment subject to maximum of dividend income. MAT computation - reduction of least of cash loss or depreciation loss as per books of accounts while computing the book profits u/s 115JB - Held that:- It is not in dispute that the least of cash loss or depreciation loss as per books of accounts is to be reduced while computing the book profits u/s 115JB - There is absolutely no logic in the ld. AO reducing ₹ 5,94,38,000/-taking figure of accumulated depreciation from the fixed assets schedule and reducing the same while completing the books profit u/s 115JB of the Act. The assessee has rightly deducted unabsorbed depreciation loss as per books of accounts. We hold that this figure requires factual verification by the AO. Hence remand this issue to the file of ld AO for factual verification of the aforesaid figures and determine the amount of unabsorbed depreciation loss as per books of accounts to be reduced while computing the book profits u/s 115JB
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