2020 (1) TMI 1568

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....ri Shreehari Kutsa, C.A. For the Revenue : Shri Manjeet Singh, Addl. CIT (D.R.). ORDER PER SHRI PAVAN KUMAR GADALE, JM : The Revenue has filed Misc. Petition in ITA No.1518/Bang/2018 Dt.10.04.2019 for Rectification of order of the Tribunal: 2. At the time of hearing, the learned Departmental Representative submitted that the Tribunal has not considered the co-ordinate bench decision....

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....owance u/s 14A was excluded. Therefore, issued notice and passed the order. We found that the Ld AR has substantiated his claim with the judicial decisions and the Coordinate Bench decision in calculating the disallowance u/s 14A and relied upon [2017] 58 ITR (Trib) 313 (ITAT [Del]) in the case of ACIT vs. Vireet Investment Pvt Ltd in respect of the disallowance at para 6 which is as under: ....

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....ll be payable on such total income @18.5%. Thus, the scheme of the Act is that the computation is first made under the normal provisions of Income-tax Act and, thereafter, under an alternate scheme provided u/s 115JB for computing total income as per the prescribed method. If the tax liability on the basis of total income as per MAT provisions is more than the tax computed under the normal provisi....

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....e Misc. Petition of Revenue is dismissed. Pronounced in the open court on the date mentioned on the caption page. ============= Document 1 1. The Order of the Hon'ble ITAT, in so far as it is prejudicial to the interest of the Revenue, is opposed to law and the fact and circumstances of the case. 2. Whether on the facts and circumstances of the case the Hon'ble ITAT was justified ....