Section 14A disallowance not to be added for computation of section 115JB Book Profit

Sun Pharmaceutical Industries Ltd. Vs ACIT (ITAT Ahmedabad) Conclusion: Disallowance made under section 14A was not to be added for computing the book profit, therefore, AO had not erred in directing to exclude difference under section 14A for computing the big profit under section 115JB. Held: Assessee-company was engaged in the business of manufacturing and sale of pharmaceutical products. It had also carried out R&D activities for developing new drugs and involved in quality control process etc. The company was also engaged in trading activity. In the case of assessee, draft assessment ...