2018 (6) TMI 1674

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..... onsidered for computing average value of investment which yielded exempt income during the year. Respectfully following the same, we direct the AO to recompute the disallowance by excluding the investment on which assessee did not yield any exempt income. We direct accordingly. Addition u/s. 14A, while computing book profit u/s.115JB - This issue is also covered by the decision of Vireet Inve .....

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..... ORDER PER R.C. SHARMA (A.M): This is an appeal filed by the assessee against the order of CIT(A)-7, Mumbai for the A.Y.2008-09 in the matter of order passed u/s.143(3) of the IT Act. 2. First grievance of assessee relates to disallowance of ₹ 12,86,148/- u/s.14A. 3. Rival contentions have been heard and record perused. During the course of scrutiny .....

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..... mpt income. We direct accordingly. 5. Next grievance of assessee relates to addition of ₹ 12,86,148/- as computed by the AO u/s. 14A, while computing book profit u/s.115JB. This issue is also covered by the decision of Vireet Investment (supra) wherein it was held that only the expenditure debited in the P L account relating to exempt income should be considered and not the disall .....

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