TMI Blog2016 (4) TMI 1207X X X X Extracts X X X X X X X X Extracts X X X X ..... ously computed the income under section 115JB by taking the figure of ₹ 4,72,06,235 before deduction of R & D expenditure - Held that:- We find that assessee’s contention is correct. In view of the same, we deem it fit and proper to remit the issue to the file of the A.O. to re-consider and re-compute the income of the assessee under section 115JB of the Act, after verifying the claim of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... B. Ramakotaiah (Accountant Member) For the Assessee : P. Murali Mohan Rao For the Revenue : B. Anjaneyulu ORDER P. Madhavi Devi (Judicial Member) This is assessee s appeal for the A.Y. 2011- 2012. In this appeal, the assessee is aggrieved by the order of CIT(A) in sustaining the disallowance of ₹ 4,37,222 under section 14A of the Act and also in not adjudicating the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the assessee had raised the ground of appeal before the CIT(A). In view of the same, we are inclined to admit the additional ground of appeal and adjudicate the same as under. 4. Ld. Counsel for the assessee, submitted that the net profit as per the P L account was computed at ₹ 2,18,34,898 which is the profit before tax and for computing the income under section 115JB of the Act, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... after verifying the claim of the assessee. 5. Against the disallowance under section 14A of the I.T. Act, the Ld. Counsel for the assessee, drew our attention to the findings of the A.O. that the assessee has made an investment of ₹ 3,74,26,850 in two companies and on this ground alone the A.O. has made disallowance under section 14A of the Act without examining whether the assessee has ..... X X X X Extracts X X X X X X X X Extracts X X X X
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