Held that\u00a0 the assessee had earned\u00a0 profit from the two firms which was exempt from tax under section\u00a010(2A)\u00a0of the Act. The Assessing Officer had rightly invoked section\u00a014A\u00a0of the Act and computed the expenditure on the assessee\u2019s exempt income by resorting to rule\u00a08D\u00a0of the Rules after recording his dissatisfaction, which was the \u201csine qua non\u201d before invoking rule\u00a08D(2). The Commissioner (Appeals) had erred in deleting the disallowance. The Tribunal also held \u00a0the Commissioner (Appeals) was right in holding that the adjustment of disallowance under section\u00a014A\u00a0of the Act read with rule\u00a08D\u00a0of the Rules was not required to be made in the book profits for minimum alternate tax liability by resorting to section\u00a0115JB\u00a0of the Act. (AY.2017-18)<\/p>\n","protected":false},"excerpt":{"rendered":"
S.14A : Disallowance of expenditure-Exempt income-Profits earned from firm-Recording dissatisfaction-CIT(A) is not justified in disallowing the disallowance-Company-Book profits-Disallowance is not required to be made. [S. 10(2A),10(34), 115JB(2), R.8D]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-51291","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-dlh","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/51291","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=51291"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/51291\/revisions"}],"predecessor-version":[{"id":51292,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/51291\/revisions\/51292"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=51291"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=51291"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=51291"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}