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2021 (1) TMI 378 - HC - Income TaxMAT Computation on Disallowance u/s 14A read with rule 8D(iii) - addition to the net profit in computation of book profit for MAT purposes under Section 115JB and thereby importing the provision of Section 14A read with rule 8D into the MAT provisions on the facts and circumstances of the case - HELD THAT:- Amounts mentioned in clauses (a) to (i) of explanation to Section 115JB(2) are debited to the statement of profit and loss account, then only the provisions of Section 115JB would apply. The disallowance under Section 14A is a notional disallowance and therefore, by taking recourse to Section 14A of the Act, the amount cannot be added back to book profit under clause (f) of Section 115JB. In Rolta India Ltd. [2011 (1) TMI 5 - SUPREME COURT] was dealing with the issue of chargeability of interest under Section 234B and 234C of the ct on failure to pay advance tax in respect of tax payable under Section 115JA/ 115JB of the Act and therefore, the aforesaid decision has no impact on the issue involved in this appeal. Similarly, in MAXOPP Investment Ltd.[2018 (3) TMI 805 - SUPREME COURT] has dealt with Section 14A of the Act and has not dealt with Section 115JB of the Act. Therefore, the aforesaid decision also does not apply to the fact situation of the case. Substantial questions of law framed by a bench of this court are answered in favour of the assessee and against the revenue.
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