Tribunal held that Computation under clause (f) of explanation 1 to section 115JB is to be made without resorting to computation as contemplated u/s. 14A of the Act- Only those investments are to be considered for computing average value of investment which yielded exempt income during the year and only those investments are to be considered for computing average value of investment which yielded exempt income during the year. Referred Maxopp Investment Ltd. v. CIT (2018) 402 ITR 640 (SC) (AY. 2008-09, 2009-10)
Tata Petrodyne Ltd. v. ACIT (2018) 68 ITR 38 /( 2019) 197 TTJ 951/ 176 DTR 313(Mum.)(Trib.)
S. 115JB : Book profit-Computation under clause (f) of explanation 1 to section 115JB is to be made without resorting to computation as contemplated u/s. 14A of the Act- Only those investments are to be considered for computing average value of investment which yielded exempt income during the year- Matter remanded. [S. 10(35),14A, R.8D]