Book profit u/s. 115JB cannot be computed by including disallowance u/s 14A

DCIT Vs Adani Wilmar Ltd (ITAT Ahmedabad)

ITAT Ahmedabad held that book profit under section 115JB of the Income Tax Act cannot be computed by including disallowances made under section 14A of the Income Tax Act.

Facts- The assessee had earned exempt income of Rs. 15 crores from investment made in KOG KTV Food Products for Rs. 16.12 crores. AO made proportionate disallowance under Rule 8D(2)(iii) of Rs. 8.25 crores. AO also made disallowance under Rule 8D(2)(iii) for Rs. 75.62 lakhs and the aggregate

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