2018 (6) TMI 1674

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....DER PER R.C. SHARMA (A.M): This is an appeal filed by the assessee against the order of CIT(A)-7, Mumbai for the A.Y.2008-09 in the matter of order passed u/s.143(3) of the IT Act. 2. First grievance of assessee relates to disallowance of Rs. 12,86,148/- u/s.14A. 3. Rival contentions have been heard and record perused. During the course of scrutiny assessment, AO has made a disallowanc....

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....rievance of assessee relates to addition of Rs. 12,86,148/- as computed by the AO u/s. 14A, while computing book profit u/s.115JB. This issue is also covered by the decision of Vireet Investment (supra) wherein it was held that only the expenditure debited in the P & L account relating to exempt income should be considered and not the disallowance worked out by AO. It was held by Special Bench tha....