Section 14A Disallowance & Additional Depreciation in Section 115JB Book Profit Calculation

ATC Global Logistics Pvt. Ltd. Vs ACIT (ITAT Mumbai) In a pivotal ruling, the Income Tax Appellate Tribunal (ITAT) Mumbai bench delivered a judgment concerning ATC Global Logistics Pvt. Ltd. Vs Assistant Commissioner of Income Tax (ACIT) for the Assessment Year 2016-17. The case revolved around two principal issues: the disallowance made under Section 14A of the Income Tax Act in relation to Rule 8D and the addition of depreciation to the book profit under Section 115JB. Disallowance under Section 14A ATC Global Logistics Pvt. Ltd., engaged as an International Freight Forwarder, contested the ...