https://www.taxtmi.com/caselaws?id=450886 Delhi HC held that disallowance under Section 14A cannot be imported to Section 115JB for MAT computation. The court found that Clause (f) of Explanation 1 to Section 115JB only refers to expenditure relatable to exempt income under Sections 10, 11, or 12, and does not mandate inclusion of Section 14A disallowances. Both provisions operate independently with no correlation for determining taxable income. The addition made by AO while computing MAT was held to be beyond statutory provisions and unsustainable. Decision favored the assessee against Revenue. en-us Mon, 11 Mar 2024 00:00:00 +0530 Tue, 26 Nov 2024 15:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450886 Delhi HC held that disallowance under Section 14A cannot be imported to Section 115JB for MAT computation. The court found that Clause (f) of Explanation 1 to Section 115JB only refers to expenditure relatable to exempt income under Sections 10, 11, or 12, and does not mandate inclusion of Section 14A disallowances. Both provisions operate independently with no correlation for determining taxable income. The addition made by AO while computing MAT was held to be beyond statutory provisions and unsustainable. Decision favored the assessee against Revenue. Case-Laws Income Tax Mon, 11 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450886