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2016 (1) TMI 1427 - ITAT MUMBAIDisallowance u/s 14A r.w.r. 8D - HELD THAT:- Similar issue has already been remanded to the file of AO in the assessee’s own case for AY 2008-09 [2015 (11) TMI 1058 - ITAT MUMBAI] AO has proceeded to compute the disallowance as per rule 8D of IT Rules without satisfying himself that the claim of the assessee was not correct by having regard to the accounts of the assessee. Hence, the disallowance computed by the AO and that confirmed by CIT(A) was not in accordance with the mandate of law. We are of the view that this issue requires fresh examination at the end of the assessing officer. Claim/deduction u/s 36(1) (viii) - HELD THAT:- As in the assessee’s own case for AY 2008-09 [2015 (11) TMI 1058 - ITAT MUMBAI] workings given by the assessee, AO and Ld CIT(A) on approximate basis cannot be approved. Accordingly, in our view, this issue also requires reconsideration at the end of the assessing officer. Deduction on account of Bad-debts written off - HELD THAT:- As in assessee’s own case in AY- 2007-08 the similar issue was raised by the revenue and the same was decided by this Tribunal against the revenue as held new Explanation 2, which covers both rural and non-rural advances, has been inserted under sec. 36(1)(vii) of the Act by the Finance Act, 2013 w.e.f. 1.4.2014 only and hence it cannot have retrospective effect, since it affects substantive rights of the assessees. Accordingly, we are of the view that there is no reason to interfere with the decision of Ld CIT(A) on this issue Deduction u/s 36(1)(viii) - HELD THAT:- As decided in own case provisions for bad and doubtful debts should be allowed under section 36(1)(viia), to the extent of provision made and available in the books of account, whether made in the current previous year or in the preceding previous years as none of the lower authorities i.e. either Assessing Officer or the Commissioner (Appeals) has examined the issue under consideration from this angel and as the entire facts are not available for us to adjudicate the issue. In the interest of substantial justice, the orders of the lower authorities are to be set aside and the matter is remanded back to the file of Assessing Officer Applicability of provision of section 115JB - HELD THAT:- Following the view taken by a coordinate Bench in the case of Maharashtra State Electricity Board Vs JCIT [2001 (8) TMI 310 - ITAT MUMBAI] which holds that provisions of MAT cannot be applied to electricity companies for mutually similar reason we uphold the plea of the assessee. The provisions of Sec. 115JB do not apply to the assessee, and, as such, the AO was in error in concluding that income had escaped assessment in the hands of the assessee.
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