Disallowance u/s 14A cannot be subject matter of disallowance under 115JB

Adani Properties Pvt. Ltd Vs DCIT (ITAT Ahmedabad) ITAT Ahmedabad held that the disallowances made under section 14A read with rule 8D cannot be the subject matter of disallowances while determining the net profit u/s 115JB of the Income Tax Act. Facts- The assessee is a private limited company and engaged in the activity of letting out and/or, leasing of immovable properties and in wholesale trading of the commodities. The assessee in the year under consideration has declared exempted income of Rs. 33.52 crores only. However, the assessee has not made any disallowance of the expenses against ...