Tata Steel Ltd. v. Dy. CIT (2024)109 ITR 18 (Mum) (Trib)

S. 115JB : Company-Book profit-Exempt income-No addition can be made-Adjustment in respect of interest on perpetual debentures is set aside-Pendency of rectification application-Assessing Officer is directed to dispose of rectification application [S. 14A, 37(1), 154]

Held that the addition under section 14A to the book profits under section 115JB of the Act was deleted. The issue with respect to the addition of interest on the perpetual debentures to the book profits under section 115JB of the Act was set aside to the file of the Assessing Officer.  Held that  the assessee having filed a rectification application, the Assessing Officer is  directed to dispose of the application.  (AY.2019-20)

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