Held that when the assessee had disallowed more than 50 per cent. of the total expenditure claimed, no further disallowance was called for. Tribunal also held that the deletion of disallowance made under section 14A read with rule 8D while computing the book profits under section 115JB of the Act was proper. (AY. 2015-16)
ACIT v. Cyrus Investments Pvt. Ltd. (2021) 91 ITR 49 (SN) (Mum.) (Trib.)
S.14A : Disallowance of expenditure-Exempt income-Disallowing more than 50 Per Cent. of total expenditure claimed-No further disallowance called for-Deletion of disallowance while computing book profits is held to be proper. [S. 115JB, R.8D]