9911796707
TMI Blog2013 (4) TMI 841X X X X Extracts X X X X X X X X Extracts X X X X ..... correct on the facts and circumstances of the case in allowing the appeal of the assessee by mentioning that calculation made by the assessee for disallowing expense u/s 14A for calculation of book profit for deemed total income u/s 115JB has to be taken as such and no change can be in it by the AO. 2. Whether on the fact & circumstances of the case, the CIT(A) has ignored the latest decision of Hon'ble ITAT, Mumbai in ITA No. 5428/Mum/2007 in the case of Geetanjali Trading Ltd. Vs. The Income Tax Officer, 6(3) (1), Mumbai and also in ITA No, 5688/Mum/2012 dated 29.08.2012 in the case of Esquire P.Ltd, Mumbai Vs. Assessee (copies enclosed). 3. Whether on the fact & circumstances of the case, the CIT(A) should have followed later d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hands of the assessee had added back the disallowance worked out under section 14A of the Act to the net profits of the business and thereafter computed the tax liability. The assessee was aggrieved by such recomputation of book profits and the CIT (Appeals) allowed the claim of the assessee following the ratio laid down by the Tribunal in assessee's own case relating to assessment year 2008-09. We find that identical issue of computation of book profits under section 115JB of the Act and the effect of disallowance under section 14A on the profits of business arose before the Tribunal in assessee's own case relating to assessment year 2008-09 in ITA No.1120/Chd/2011. The Tribunal vide order dated 27.7.2012 in turn relying on an earlier dec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the section 115 JB of the Act itself. There is no provision in the Act to make adjustment on account of notional disallowance worked out under section 14A of the Act. The Hon'ble Supreme Court in Apollo Tyres Ltd. (supra) held that the profits of the business are not to be disturbed for computing the book profits except in the circumstances provided under the said Act. We confirm the order of CIT in this regard and dismiss the ground No.1(iv) raised by the Revenue." 6. The issue arising in the present appeal is identical to the issue before the Chandigarh Bench of the Tribunal in DCIT Vs. Ind-Swift Ltd. (supra) and following the same we direct the Assessing Officer to adopt the book profits as per the Profit & Loss Account and do no ..... X X X X Extracts X X X X X X X X Extracts X X X X
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