TMI Blog2018 (2) TMI 2018X X X X Extracts X X X X X X X X Extracts X X X X ..... Jayshree Tea Industries Ltd. [ 2014 (11) TMI 1169 - CALCUTTA HIGH COURT ] has also expressed a similar view by holding that the provision of section 115JB in the matter of computation is a complete code in itself and resort need not and cannot be made to section 14A - 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 we set aside the impugned orders 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 th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 14A read with Rule 8D was offered by the assessee suo moto on account of expenditure incurred in relation to the exempt income while computing its income under the normal provisions of the Act for all the four years under consideration. The said disallowance however was not added back by the assessee company while computing its book profit under section 115JB of the Act for all the four years under consideration. In the assessments completed under section 143(3)/153A for all the four years under consideration vide orders dated 31.03.2015, the A.O. added back the amount of disallowance made under section 14A while computing the book profit of the assessee company under section 115JB for all the four years under consideration. 4. Agains ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he case of CIT vs Jayshree Tea Industries Ltd. (ITAT No. 47 of 2014 dated 19.11.2014), Hon ble Kolkata High Court has also expressed a similar view by holding that the provision of section 115JB in the matter of computation is a complete code in itself and resort need not and cannot be made to section 14A of the Act. Hon ble Kolkata High Court has further 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 of the Hon ble Jurisdictional High Court in the case of Jayshree Tea Industries Ltd. (supr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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