Adjustment for disallowance u/s 14A to book profits u/s 115JB is untenable

Manyata Promoters Pvt. Ltd Vs JCIT (ODS) (ITAT Bangalore) ITAT Bangalore held that AO cannot go beyond the profits as per profit and loss account prepared in accordance with the Companies Act except in the manner provided in Explanation 1 to section 115JB. therefore the action of the AO to make the adjustment for the disallowance u/s. 14A to the book profits u/s. 115JB is not tenable. Facts- In the assessment proceedings the AO made a disallowance u/s. 14A for an amount of Rs. 14,49,60,000 and also made an addition of Rs.58,29,802 towards for the difference in the income as per Form 26AS and f...