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Disallowance u/s 14A read with Rule 8D - The assessing officer's reliance on CBDT Circular No. 5 of 2014 to make disallowance u/s 14A is legally untenable and liable to be deleted. The amendment to Section 14A by the Finance Act, 2022 is applicable prospectively only, as held by the Guwahati High Court. Where the assessee's interest-free own funds exceeded investments in tax-free securities, no proportionate disallowance is warranted u/s 14A, as per the Supreme Court's decision. Mandatory to record dissatisfaction u/s 14(2) - Disallowance invoking Rule 8 without recording dissatisfaction by the assessing officer is against Section 14(2), and the addition is liable to be deleted. MAT computation on Section 14A addition - Provisions of Section 14A cannot be applied for computing book profit u/s 115JB, and the addition made by the assessing officer is to be deleted. Depreciation on goodwill arising from amalgamation u/s 32 - Goodwill arising as a result of an amalgamation approved by NCLT is allowable for depreciation, contrary to the assessing officer's view that it was transferred from the amalgamating company.
Disallowance u/s 14A read with Rule 8D - The assessing officer's reliance on CBDT Circular No. 5 of 2014 to make disallowance u/s 14A is legally untenable and liable to be deleted. The amendment to Section 14A by the Finance Act, 2022 is applicable prospectively only, as held by the Guwahati High Court. Where the assessee's interest-free own funds exceeded investments in tax-free securities, no proportionate disallowance is warranted u/s 14A, as per the Supreme Court's decision. Mandatory to record dissatisfaction u/s 14(2) - Disallowance invoking Rule 8 without recording dissatisfaction by the assessing officer is against Section 14(2), and the addition is liable to be deleted. MAT computation on Section 14A addition - Provisions of Section 14A cannot be applied for computing book profit u/s 115JB, and the addition made by the assessing officer is to be deleted. Depreciation on goodwill arising from amalgamation u/s 32 - Goodwill arising as a result of an amalgamation approved by NCLT is allowable for depreciation, contrary to the assessing officer's view that it was transferred from the amalgamating company.
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