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TMI Blog2020 (1) TMI 117X X X X Extracts X X X X X X X X Extracts X X X X ..... empt agricultural income u/s. 10(1) is a sum of ₹ 2,08,86,160/-, as worked out in the order by the AO, while computing taxable income as per normal income tax provisions, [₹ 3,48,10,266/- being the revised composite income less ₹ 1,39,24,106 being forty percent income chargeable to tax under I. T. Act as per Rule 8]. Therefore, we direct the Assessing Officer to take agricultural income u/s 10(1) at ₹ 2,08,89,160/- to compute book profit u/s 115JB of the Act. - Appeal of assessee allowed. - ITA No.2278/Kol /2017 (Assessment Year:2013-14) - - - Dated:- 25-9-2019 - SHRI S.S. GODARA, JM AND DR. A.L. SAINI, AM Assessee by: Shri Manish Tiwari, A.R. Respondent by: Shri Robin Cho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt Amount Income from business or profession: Composite income as per assessee's cpmputation : ₹ 3,48,53,352/- Add: : Inadmissible expenses / expenses since been disallowed as per discussion: Expenses further disallowable u/s 14A of the Act (As per discussion): : ₹ 22,610/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Add.: : Expenses disallowable u/s 14A of the Act: (As per discussion): : ₹ 2,63,361/- : ₹ 2,54,25,446/- Less: Exempted incomes: : (i) Dividens u/s 10(34): : ₹ 2,09,660/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ₹ 34,10,356/- : ₹ 1,99,60,730/- Less: : Sixty percent of ₹ 1,99,60,730/-, being the agricultural income to be deducted u/s 10(1): : ₹ 1,19,76,438/- : ₹ 79,84,292/- Add: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... AR of the appellate has submitted that the AO determining book profits u/s. 115JB by incorrectly deducting exempt agricultural income u/s. 10(1) of the I. T. Act at ₹ 1,19,76,438/-, as against ₹ 2,08,86,160/- correctly deductible. That exempt agricultural income u/s. 10(1) is a sum of ₹ 2,08,86,160/- as worked out in the order by the AO, while computing taxable income per normal income tax provisions, [₹ 3,48,10,266/- being the revised composite income less ₹ 1,39,24,106/- being forty percent income chargeable to tax under I. T. Act as per Rule 8]. That the AO while computing book profits u/s. 115JB of the I. T. Act, as considered a sum of ₹ 1,19,76,438/- by stating the same to be agricultural income u/s. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d upon, and perused the fact of the case including the findings of the ld CIT(A) and other materials available on record. We note that the only ground in appeal for the year, is in the AO determining book profits u/s. 115JB by incorrectly deducting exempt agricultural income u/s. 10(1) of the I. T. Act at ₹ 1,19,74,638/-, as against ₹ 2,08,86,160/- correctly deductible. We note that exempt agricultural income u/s. 10(1) is a sum of ₹ 2,08,86,160/-, as worked out in the order by the AO, while computing taxable income as per normal income tax provisions, [₹ 3,48,10,266/- being the revised composite income less ₹ 1,39,24,106 being forty percent income chargeable to tax under I. T. Act as per Rule 8]. Therefore, we ..... X X X X Extracts X X X X X X X X Extracts X X X X
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