https://www.taxtmi.com/caselaws?id=284852 The Tribunal upheld the CIT(A)'s decision to reduce the disallowance under Section 14A from Rs. 7,10,64,678 to Rs. 25,00,000, directing an ad-hoc disallowance of 1% of exempt income for AY 2007-08 and subsequent years. It clarified that disallowances under Section 14A cannot be considered in computing book profit under Section 115JB. The Tribunal also ruled on the exclusion of provision for diminution in value of investments written back and the applicability of interest under Sections 234B and 234C, providing detailed directions on these matters. en-us Tue, 18 Sep 2018 00:00:00 +0530 Fri, 13 Dec 2019 15:21:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284852 The Tribunal upheld the CIT(A)'s decision to reduce the disallowance under Section 14A from Rs. 7,10,64,678 to Rs. 25,00,000, directing an ad-hoc disallowance of 1% of exempt income for AY 2007-08 and subsequent years. It clarified that disallowances under Section 14A cannot be considered in computing book profit under Section 115JB. The Tribunal also ruled on the exclusion of provision for diminution in value of investments written back and the applicability of interest under Sections 234B and 234C, providing detailed directions on these matters. Case-Laws Income Tax Tue, 18 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284852