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2023 (4) TMI 559 - AT - Income TaxDisallowance u/s 14A - As submitted assessee’s own funds are many times more than exempt income - HELD THAT:- As following the precedent in assessee’s own case [2021 (11) TMI 260 - ITAT DELHI] we direct the AO to delete the disallowance with regard to interest u/s 14A as it is not disputed that assessee’s own funds are many times more than exempt income. Computation to book profit u/s 115JB for disallowance u/s 14A - We find that this issue is also squarely covered in favour of the assessee by the decision of the Special Bench of the ITAT in VIREET INVESTMENT (P.) LTD. [2017 (6) TMI 1124 - ITAT DELHI] for disallowance u/s 14A r.w.r.8D, wherein it has been held that disallowance u/s 14A cannot be imported in section 115JB - Respectfully following the precedent from the Special Bench of the Tribunal, we direct the AO to follow the same. Valuation of the land - Disallowance by invoking provisions of section 50C - adoption of value of land of Stamp Authorities - HELD THAT:- No cogency in the argument of the Ld. DR. Prescription as per section 50C is quite clear. It mandates that if the assessee objects to the value of the Stamp Authorities, the matter needs to be send to the DVO for valuation. Accordingly, we direct the AO to get the valuation done by DVO. Hence, the matter is remitted back to the file of the AO to get valuation done from the DVO.
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