Addition towards disallowance u/s 14A to book profit computed u/s 115JB is unsustainable

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...