Case Law Details
DCIT Vs Jammu Pigments Ltd. (ITAT Delhi)
Assessing Officer initiated proceeding under section 154 of the Act to make the disputed disallowance while computing the book profit and ultimately did so. Therefore, it is evident, the 154 proceeding was at the behest of the Revenue audit. Applicability of section 14A read with Rule 8D to the provisions of section 115JB certainly is a highly debatable issue. Hence, it will not fall within the category of mistake apparent on the face of record as envisaged under section 154 of the Act.
In any case of the matter, in case of ACIT Vs. Vireet Investment Pvt. Ltd. [2017] 82 com 415 (Delhi-Trib.) (SB) the Special Bench of the Tribunal has held that while computing book profit under section 115JB of the Act, no disallowance can be made with reference to section 14A read with Rule 8D.
FULL TEXT OF THE ORDER OF ITAT DELHI
This is an appeal by the Revenue against order dated 30.05.2019 of learned Commissioner of Income Tax (Appeals)-5, New Delhi pertaining to assessment year 2012-13.
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