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2019 (7) TMI 33 - HC - Income TaxAddition u/s 14A - determining the book profit under Section 115JB - HELD THAT:- We are of the view that no error, not to speak of any error of law, could be said to have been committed by the Tribunal in dismissing the appeal filed by the Revenue. The Tribunal in our opinion is justified in applying the ratio of the decision of this court in the case of UTI Bank Ltd. [2013 (8) TMI 238 - GUJARAT HIGH COURT] where in we hold that the disallowances made under the provisions of Sec. 14A r.w.r. 8D of the IT Rules, cannot be applied to the provision of Sec. 115JB as per the direction of the Hon'ble Calcutta High Court in the case of CIT Vs. Jayshree Tea Industries Ltd [2014 (11) TMI 1169 - CALCUTTA HIGH COURT] We also note that there is no mechanism given under the clause (f) to Explanation-1 of Sec. 115JB of the Act to workout/determine the disallowance. Therefore in the given facts & circumstances, we feel that adhoc disallowance will service the justice to the Revenue and assessee. - Decided against revenue
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