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2022 (2) TMI 685 - AT - Income TaxDisallowance u/s 14A r.w.r. 8D - HELD THAT:- As decided in M/S. R.E.I. AGRO LTD. [2013 (12) TMI 1517 - CALCUTTA HIGH COURT] only the value of investment on which exempt income was actually earned by the assessee during the year under consideration should be taken into consideration while computing the disallowance under Clause (ii) of Rule 8D(2). Keeping in view the said decision of the Hon’ble Jurisdictional High Court, we direct the Assessing Officer to recompute the disallowance to be made u/s 14A of the Act as per Clause (ii) of Rule 8D(2). Ground No. 2 of the assessee’s appeal thus is partly allowed. Belated payment of employees’ contribution to Provident Fund beyond the due date specified in the relevant Act but within the period of filing of the return of income - HELD THAT:- As decided in LUMINO INDUSTRIES LTD. [2021 (11) TMI 926 - ITAT KOLKATA] delete the addition made by the Assessing Officer and confirmed by the ld. CIT(Appeals) on account of delayed payment of employees contribution towards Provident Fund. Disallowance u/s 14A while computing the book profit of the assessee company u/s 115JB - HELD THAT:- Special Bench of the Tribunal at Delhi in the case of ACIT v Vireet Investments Pvt Ltd [2017 (6) TMI 1124 - ITAT DELHI] wherein it is held that no disallowance u/s 14A r.w.r. 8D can be made while computing book profit of the assessee company u/s 115JB - However, Clause (f) of Explanation 1 to Section 115JB of the Act provides that the amount or amounts of expenditure relatable to any income to which Section 10 [other than the provisions contained in Clause (38) thereof] is required to be added while computing the book profit u/s 115JB and this amount has to be worked out by the Assessing Officer independently without reference to Section 14A or Rule 8D. Accordingly restore this issue to the file of the Assessing Officer for recomputing the amount to be added on account of expenditure relatable to any income exempt u/s 10 [other than u/s 10(38)] as per Clause (f) of Explanation 1 to Section 115JB.
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