Karnataka HC Dismissed Revenue Appeal Due to Inapplicability of Section 14A to MAT Book Profits

PCIT Vs J.J.Glastronics Pvt. Ltd. (Karnataka High Court) The Karnataka High Court dismissed an appeal filed by the Revenue under Section 260A of the Income-tax Act, 1961, challenging the orders of the Income Tax Appellate Tribunal relating to Assessment Year 2013–14. The Revenue questioned the Tribunal’s decision allowing the assessee’s appeal, dismissing the Revenue’s miscellaneous petition, and holding that disallowance under Section 14A of the Act could not be added while computing book profits under Section 115JB. The assessee, engaged in manufacturing electron gun parts, glass-to-...