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2019 (5) TMI 1050

..... tries in [2016 (10) TMI 1039 - BOMBAY HIGH COURT] wherein it has been held that the disallowance can not exceed the amount of exempt income. Accordingly, we direct the AO to restrict the disallowance under section 14A read with rule 8D(iii) . MAT computation - Disallowance made u/s 14A read with rule 8D to the book profit the same has been decided by the Special Bench in the case of ACIT vs. Viree .....

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..... f Ld. CIT(A) and accordingly the same is upheld by dismissing the appeal of the Revenue. - ITA No.223/M/2018, ITA No.162/M/2018 - 13-5-2019 - Shri Rajesh Kumar, Accountant Member And Shri Ram Lal Negi, Judicial Member For the Assessee : Shri Minesh N. Shah, A.R. For the Revenue : Shri Choudhary Araunkumar Singh, D.R. ORDER PER RAJESH KUMAR, ACCOUNTANT MEMBER: The above titled appeals one by the as .....

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..... y way of dividend of ₹ 15,37,572/-. The AO further noted that assessee has investments in shares of ₹ 635.62 crores as on 31.03.2014 whereas no disallowance was made by the assessee of expenses attributable to exempt income. The assessee submitted before the AO that no expenditure was incurred in relation to earning of the exempt income and submitted that if provisions of section 14A a .....

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..... disallowance under rule 8D2(iii) of ₹ 3,59,38,825/- was directed to be calculated by reducing the investments which have not yielded exempt income during the year or only calculate the disallowance by taking those investments which yielded exempt income of ₹ 15,37,572/- by following the decision of Chem Investment 67 Taxmann.com 118. 5. After hearing both the parties and perusing the .....

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..... he book profit under clause (f) of Explanation 1 to section 115JB no addition can be made in respect of disallowance under section 14A read with rule 8D. Accordingly, we direct the AO to delete the disallowance while computing the book profit. The appeal of the assessee is allowed. ITA No.162/M/2018 (Revenue s appeal) 7. The issue in the Revenue s appeal is against the order of Ld. CIT(A) deleting .....

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