Section 14A addition Not to Be Added Back for Section 115JB Book Profits: ITAT Delhi

ACIT Vs Vireet Investment Pvt. Ltd. (ITAT Delhi)

The case involved an appeal by the ACIT and cross-objections by Vireet Investment Pvt. Ltd. concerning disallowance under Section 14A and its applicability to Minimum Alternate Tax (MAT) under Section 115JB of the Income Tax Act, 1961. The ITAT Special Bench was constituted to address whether expenses incurred to earn exempt income under Section 14A should be added back while computing book profits. The assessee, engaged in finance and investment activities, reported a taxable income of ₹6.17 crores but paid taxes under MAT provisi

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