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TMI Blog2013 (1) TMI 955X X X X Extracts X X X X X X X X Extracts X X X X ..... ection 115JB of the Act and even if the dis-allowance is higher than that allowed by Assessing officer under Section 14A of the Act would not have any effect on the book profits on which the tax is payable. Thus the entire exercise is academic. - INCOME TAX APPEAL (L) NO.1242 OF 2012 - - - Dated:- 15-1-2013 - J.P. DEVADHAR AND M.S. SANKLECHA, JJ. Mr. Vimal Gupta, Sr. Advocate with Ms. Padm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g Officer out of total expenditure claimed of ₹ 4.43 crores disallowed an amount of ₹ 2.14 lacs under Section 14A of the Act. This dis-allowance was made on the basis of the ratio of the exempted income by total income visa vis expenditure of ₹ 4.43 crores. However, in view of carried forward losses the business income was determined at Nil and tax was payable on book profits und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... revenue. In the order of assessment originally passed on 30/9/2008 as the tax payable on book profits is more than the tax payable on regular income the respondent was assessed to tax on book profits under Section 115JB of the Act. The consequent reassessment order passed by the Assessing officer after the order of Commissioner of Income Tax under Section 263 of the Act also determined the busines ..... X X X X Extracts X X X X X X X X Extracts X X X X
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