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2021 (12) TMI 1204 - AT - Income TaxDisallowance u/s 14A r.w.r. 8D - CIT(A) deleted disallowance by stating that there was no exempt income and hence, there cannot be any disallowance - HELD THAT:- Hon’ble Supreme Court in the case of Maxopp Investment Ltd vs. CIT, [2018 (3) TMI 805 - SUPREME COURT] has held that once there is no exempt income, no disallowance can be made by invoking the provisions of section 14A r.w.r 8D of the Rules. Hence, we find no infirmity in the order of CIT(A) and the same is affirmed. The appeal of Revenue on this issue is dismissed. MAT computation u/s 115JB - disallowance of expenses made invoking the provisions of section 14A r.w.rule 8D of the Rules, while computing book profit u/s.115JB - HELD THAT:- This issue is squarely covered by the decision of Vireet Investment P. Ltd. [2017 (6) TMI 1124 - ITAT DELHI] wherein held that no adjustment of disallowance can be made while making computation u/s.115JB of the Act. We noted that Special Bench of this Tribunal observed while holding that disallowance u/s.14A r.w.rule 8D cannot be added while computing book profits as per section 115JB of the Act, as Explanation to that section does not specifically mention the provisions of section 14A of the Act. Hence, we find no infirmity in the order of CIT(A) and the same is affirmed. This issue of Revenue’s appeal is also dismissed.
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