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Addition towards disallowance u/s 14A to book profit computed u/s 115JB is unsustainable
Case Law Details
- Case Name
- Manali Petrochemical Ltd. Vs DCIT (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-2014
- Courts
- All ITAT, ITAT Chennai
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Manali Petrochemical Ltd. Vs DCIT (ITAT Chennai)
ITAT Chennai held that additions made towards disallowance u/s. 14A r.w.r. 8D of the I.T. Rules, 1962 to book profit computed u/s. 115JB(2) of the Income Tax Act is unsustainable.
Facts- The case was selected for scrutiny and draft assessment has been completed u/s. 143(3) r.w.s. 144C of the Act, on 05.10.2017 and determined total income of Rs. 19,72,45,117/-, by making additions towards disallowance u/s. 14A r.w.r. 8D of the I.T. Rules, 1962 for Rs. 4,07,267/- and disallowance of capital subsidy received from Government of India for Rs. 84 lakh...
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