Section 14A disallowance not considerable for Book Profit computation

Tega Industries Limited Vs DCIT (ITAT Kolkata) Assessee has contended that disallowance under section 14A ought not to have been considered for computing the book profit under section 115JB of the Act, we find merit in the assessee’s contention. Special Bench of Delhi Tribunal in the case of ACIT –vs.- Vireet Investment Pvt. Limited (165 ITD 27) as well as the judgment of the Hon’ble Karnataka High Court in the case of Sobha Developers Ltd. –vs.- DCIT (ITA No. 203/2015 dated 04.01.2021), wherein it has been held that adjustment of disallowance under section 14A could not be made while ...