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2018 (2) TMI 868 - AT - Income TaxAddition on account of the assessee’s share of loss in the partnership firm while computing the book profit u/s 115JB - MAT - assessee is a non-banking finance company which is engaged in the business of trading of investment in shares and securities as well as rendering financial consultancy services - Held that:- The decision in the case of Metro Exporters Ltd. (2006 (7) TMI 353 - ITAT MUMBAI) was rendered on a similar issue wherein it was held that the case of the assessee not being the case of share of profit from a partnership firm in the hands of the assessee credited to the profit and loss account, no addition for the purpose of computation of total income of the assessee under section 115JA could be made with regard to the share of loss from the partnership firm. - Decided in favour of assessee. Addition on account of expenditure disallowed u/s 14A r.w.r. 8D while computing the book profit u/s 115JB - Held that:- The computation of the amount of expenditure relatable to exempt income of the assessee must be made independently by applying clause (f) of Explanation (1) under section 115JB of the Act where the assessee has not claimed such expenditure to be nil. Respectfully following the said decision in the case of Jayshree Tea Industries Ltd. (2014 (11) TMI 1169 - CALCUTTA HIGH COURT) we set aside the impugned order of the Ld. CIT(A) on this issue and restore the matter to the file of the A.O. for computing the amount of expenditure relatable to the exempted income of the assessee independently by applying clause (f) of Explanation (1) under section 115JB of the Act without resorting to section 14A or Rule 8D - Decided partly in favour of assessee
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