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2016 (7) TMI 1548

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..... ct. In any case, so far as the decision of the CIT(A) in retaining the suo-motu disallowance made by the assessee is concerned, the same is not an issue before us. Thus, we hereby affirm the order of the CIT(A) on the aspect agitated by the Revenue. As a consequence, Revenue fails in Ground of appeal No.1. Computation of ‘book profit’ in terms of section 115JB - The Tribunal in assessee’s own case [2015 (7) TMI 1217 - ITAT MUMBAI] has considered a similar issue and upheld the stand of the assessee following an earlier decision of the Tribunal in the case of Essar Teleholdings Ltd. vs. DCIT [2013 (5) TMI 116 - ITAT MUMBAI] . Secondly, the CIT(A) noticed that in this year, assessee has not earned any exempt income and, there .....

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..... on has not been accepted by the department and appeal has been filed in Hon'ble High Court which is pending. " 3. At the time of hearing, it was a common point between the parties that the issues raised in the aforestated Grounds have been decided by the Tribunal in assessee s own case for earlier assessment years. So however, in order to impart completeness to the order, the following discussion is relevant. The facts in brief are that the respondent assessee is a company incorporated under the provisions of the Companies Act, 1956, and is, inter-alia, engaged in the business of power generation. In the impugned assessment finalized under section 143(3) r.w.s. 153A of the Act, the Assessing Officer has made several additions/disal .....

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..... the decision of the CIT(A), Revenue is in appeal before us contending that there is no justification to reduce the disallowance to ₹ 6,93,26005/- instead of ₹ 105,83,54,495/- which was determined by the Assessing Officer under section 14A of the Act by applying Rule 8D of the Rules . 6. At the time of hearing, Ld. Representative for the assessee pointed out that so far as assessment year 2008-09 is concerned, the Tribunal vide ITA No. 463/Mum/2014 & 982/Mum/2013 dated 31/7/2015, observed that the disallowance under section 14A of the Act is of no significance, inasmuch as, it would only lead to enhancement of the profits of assessee s eligible business of generation of power and such enhanced profits would be eligible for th .....

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..... e disallowance under section 14A of the Act, while computing book profit under section 115JB of the Act. The CIT(A) has disagreed with the stand of the Assessing Officer on two counts Firstly, according to the CIT(A), in assessment year 2006-07, the Tribunal in assessee s own case vide ITA No.244/Banga/2010 dated 22/2/2013 has considered a similar issue and upheld the stand of the assessee following an earlier decision of the Tribunal in the case of Essar Teleholdings Ltd. vs. DCIT, ITA No.3850/Mum/2010 dated 27/07/2011. Secondly, the CIT(A) noticed that in this year, assessee has not earned any exempt income and, therefore, no such income was credited to the P&L Account. As a consequence, no corresponding expenditure can be identified .....

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