2016 (4) TMI 1207

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....DER P. Madhavi Devi (Judicial Member) This is assessee's appeal for the A.Y. 2011- 2012. In this appeal, the assessee is aggrieved by the order of CIT(A) in sustaining the disallowance of Rs. 4,37,222 under section 14A of the Act and also in not adjudicating the grounds of appeal on calculation of the tax under the provisions of section 115JB of the Act. Prathista Industries Ltd., Secunderab....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nd of appeal and adjudicate the same as under. 4. Ld. Counsel for the assessee, submitted that the net profit as per the P & L account was computed at Rs. 2,18,34,898 which is the profit before tax and for computing the income under section 115JB of the Act, the A.O. ought to have taken the same as the book profit before making the adjustments thereto as per the Explanation to Section 115JB of ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....see, drew our attention to the findings of the A.O. that the assessee has made an investment of Rs. 3,74,26,850 in two companies and on this ground alone the A.O. has made disallowance under section 14A of the Act without examining whether the assessee has earned any income from the same which is exempt from tax. He submitted that the assessee has not earned any exempt income during the year and t....