Book profits u/s. 115JB not to be increased by adding disallowance u/s. 14A

Bombay Oxygen Investments Ltd. Vs CIT (ITAT Mumbai) ITAT Mumbai held that increasing book profits under section 115JB of the Income Tax Act on account of disallowance u/s. 14A read with rule 8D is not justifiable. Accordingly, appeal of the assessee allowed. Facts- The assessee is engaged in manufacturing and trading of industrial gases such as oxygen, nitrogen and argon. Twin issues involved in respect of disallowance made under section 14A are towards disallowance made while computing assessed income under the normal provisions of the Act as well as adjustment made while computing book profi...