Disallowance u/s. 14A while computing book profit u/s. 115JB not justifiable: ITAT Mumbai

Arkis Enterprises Pvt. Ltd. Vs ITO (ITAT Mumbai) ITAT Mumbai held that there is no relation of disallowance u/s. 14A while computing the book profit u/s. 115JB. Thus, lower authorities were not correct in adding notional expenditure as computed u/s. 14A and increasing the book profit by that sum u/s. 115JB. Facts- AO noted that the assessee made investment in shares/mutual funds, and earned dividend of Rs.1,81,244/-claimed to be exempt. The Ld.AR noted that, the assessee claimed interest expenses in the P&L account of Rs.22, 62, 510/-. AO after considering the submissions of the assessee d...