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Dcit, Circle-12(1), Kolkata, Kolkata vs M/S Maco Corporation India (P) Ltd., ... on 13 April, 2018
cites
Section 12A in The Income Tax Act, 1961 [Entire Act]
Section 21 in The Income Tax Act, 1961 [Entire Act]
Section 21 in The General Clauses Act, 1897 [Entire Act]
Section 35 in The Income Tax Act, 1961 [Entire Act]
Section 12AA in The Income Tax Act, 1961 [Entire Act]
M/S. C D Equifinance Pvt. Ltd., Kolkata vs Dcit, Cir-7(1), Kolkata, Kolkata on 9 February, 2018
10.1. We find that this issue is squarely covered in favour of the assessee by the
decision of this tribunal in the case of M/s .CD Equifinance Pvt Ltd vs DCIT in ITA No.
577/Kol/2016 dated 9.2.2018 reported in 2018(2) TMI 868-ITAT Kolkata , wherein it
was held that :-
M/S. Vireet Investment Pvt. Ltd., New ... vs Acit, New Delhi on 16 June, 2017
"9. We have heard the arguments of both the sides and also perused the relevant
material available on record. It is observed that a similar issue relating to addition on
account of expenditure disallowed under section 14A while computing book profit
under section 115JB of the Act has been decided by the Special Bench of this Tribunal
at Delhi in the case of ACIT vs Vireet Investment Pvt. Ltd. (I.T.A. No. 502/Kol/2012
dated 16.06.2017) wherein it was held, after taking into consideration the decision of
Delhi High Court in the case of Goetze (India) Ltd. (supra), that the expenditure
incurred to earn exempt income computed under section 14A of the Act could not be
added while computing book profit under section 115JB of the Act.
Commissioner Of Income Tax vs M/S Jayshree Tea & Industries Ltd on 1 September, 2014
Respectfully following the said decision of the Hon'ble Jurisdictional High Court in the
case of Jayshree Tea Industries Ltd. (supra), we set aside the impugned order of the Ld.
CIT(A) on this issue and restore the matter to the file of the AO for computing the
amount of expenditure relatable to the exempted income of the assessee independently
by applying clause (f) of Explanation (1) under section 115JB of the Act without
resorting to section 14A or Rule 8D. Ground No. 9 of the assessee's appeal is thus
partly allowed."