Held that book profit under S 115JB is to be computed without resorting to computation under S. 14A r/w r. 8D. Disallowance under S. 14A cannot be in excess of exempt income earned by the assessee during the assessment year in question. (AY. 2009-10 to 2015-16)
Royal Twinkle Star Club (P) Ltd. v. DCIT (2023) 152 taxmann.com 374 / 37 NYPTTJ 334 / (2024) 228 TTJ 991 (Mum) (Trib)
S. 115JB : Company-Book profit-Book profit under S. 115JB is to be computed without resorting to computation under S. 14A-Disallowance under S.14A cannot exceed the exempt income. [S. 14A, R.8D]
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