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Section 14A disallowance cannot be added back while computing book profits: ITAT Mumbai`
Case Law Details
- Case Name
- JCIT Vs Rajesh Estates and Nirman Pvt. Ltd. (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Mumbai
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JCIT Vs Rajesh Estates and Nirman Pvt. Ltd. (ITAT Mumbai)
Section 14A Can’t Go Beyond Exempt Stream: Mumbai ITAT Caps Disallowance to Partnership Loss & Deletes Section 115JB Adjustment
The Mumbai Bench of the ITAT dismissed Revenue’s appeal and upheld the CIT(A)’s order restricting disallowance u/s 14A to the extent of ₹71.04 lakh, being the assessee’s share of loss from a partnership firm, and deleting the corresponding MAT adjustment u/s 115JB.
For AY 2017-18, the AO invoked section 14A r.w. Rule 8D and computed a hefty disallowance of ₹2.97 crore on investm...
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