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2022 (9) TMI 1038 - AT - Income TaxDisallowance u/s 14A read with Rule 8D - computation of book profit under section 115JB - HELD THAT:- CIT(A) has rightly directed the Assessing Officer to restrict the disallowance u/s 14A of the Act to the extent of exempt income earned. We find no reason to interfere with the order passed by the ld. CIT(A) on this issue and accordingly, the ground raised by the Revenue is dismissed for both the assessment years. Disallowance u/s 14A for the purpose of computation of book profit under section 115JB - As of now, it has been clear that the amendment made by the Finance Act, 2022 to section 14A of the Act will take effect from 1st April, 2022 and will apply in relation to the assessment year 2022-23 and subsequent assessment years. Accordingly, the argument of the ld. DR is rejected. Moreover, we find no infirmity in the order passed by the ld. CIT(A) on this issue. Accordingly, the ground raised by the Revenue is dismissed.
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