ACIT v. Vireet Investment Pvt. Ltd.

82 Taxmann.com 415High Court2017#65 most cited

What is ACIT v. Vireet Investment Pvt. Ltd. authority for?

Disallowance computed under Section 14A, read with Rule 8D, cannot be added to book profits under Section 115JB for Minimum Alternate Tax (MAT) purposes. Additionally, for Section 14A disallowance, only investments that yielded exempt income during the year are considered for calculating their average value.

789

judgments rely on this decision, according to BharatTax’s citation analysis of 367,181 Indian tax judgments — from 2017 to 2026.

Also referred to as

ACIT v. Vireet Investment Pvt. Ltd. · Section 14A · Section 115JB · Rule 8D · disallowance for exempt income · book profits · Minimum Alternate Tax · MAT · average value of investments · investments yielding exempt income · special bench · Delhi Tribunal

Also reported as

165 ITR 27154 DTR 241165 ITD 26

Issues it is cited on

Judgments citing ACIT v. Vireet Investment Pvt. Ltd.

Industrial Development Corporation of Orissa Limited, Bhubnaeswar vs. DCIT, Circle-4(1), Bhubaneswar

In the result, the appeal of the assessee is partly allowed for statistical purposes

ITA 343/CTK/2019[2014-15]Status: DisposedITAT Cuttack09 Mar 2021AY 2014-15

Bench: Shri C.M. Garg, Jm & Shri L.P. Sahu, Am आयकर अपीऱ सं./Ita No.343/Ctk/2019 (नििाारण वषा / Assessment Year :2014-2015) Industrial Development Vs Dcit, Circle-4(1), Bhubaneswar Corporation Of Orissa Limited (Idcol), Idcol House, Ashok Nagar, Bhubaneswar-751001 Pan No. : Aaaci 4821 L (अऩीलाथी /Appellant) (प्रत्यथी / Respondent) .. ननधाारिती की ओर से /Assessee By : Shri S.C.Bhadra, Ca िाजस्व की ओर से /Revenue By : Shri S.C.Mohanty, Dr सुनवाई की तािीख / Date Of Hearing : 05/03/2021 घोषणा की तािीख/Date Of Pronouncement : 09/03/2021 आदेश / O R D E R Per Bench: This Is An Appeal Filed By The Assessee Against The Order Passed By The Cit(A)-1, Bhubaneswar, Dated 14.08.2019 For The Assessment Year 2014-2015, On The Following Grounds :- 1. The Order Of Assessment As Well As Appeal Is Against Law, Weight Of Evidences & Probabilities Of The Case. 2. The Learned Assessing Officer As Well As The Commissioner Of Income Tax (Appeals) Has Most Arbitrarily Disallowed Rs. 1,63,05,059/-, U/S 14A Against The Exempted Income Of Rs.5,50,000/-, Being Dividend Received From Associate Companies In Routine Manner, Without Properly Recording The Dissatisfaction Of The Assessing Officer 3. The Interest On Income Tax Refund Of Rs.8,04,924/-, Which Is Adjusted Against Demand, Was Not Properly Intimated For Which The Same Is Not Recognized As Income. 4. The Learned Assessing Officer Added Rs.6,66,721/-, As Interest On Fixed Deposit Based On The Comment Of The Auditor, Which Is Recognized In Subsequent Assessment Year. 5. The Learned Assessing Officer Erred In Adding, Amount Disallowed U/S 14A, Of Rs. 1,63,05,059/-, Rs.8,04,924/-, On Account Of Income

For Appellant: Shri S.C.Bhadra, CAFor Respondent: Shri S.C.Mohanty, DR
Section 111JSection 115JSection 14ASection 68

…आयकर अपीऱीय अधिकरण, कटक न्यायपीठ,कटक IN THE INCOME TAX APPELLATE TRIBUNAL CUTTACK BENCH CUTTACK BEFORE SHRI C.M. GARG, JM & SHRI L.P. SAHU, AM आयकर अपीऱ सं./ITA No.343/CTK/2019 (नििाारण वषा / Assessment Year :2014-2015) Industrial Development Vs DCIT, Circle-4(1), Bhubaneswar Corporation of Orissa Limited (IDCOL), IDCOL House, Ashok Nagar, Bhubaneswar-751001 PAN No. : AAACI 4821 L (अऩीलाथी /Appellant) (प्रत्यथी / Respondent) .. ननधाारिती की ओर से /Assessee by : Shri S.C.Bhadra, CA िाजस्व की ओर से /Revenue by : Shri S.C.Mohanty, DR सुनवाई की तािीख / Date of Hearing : 05/03/2021 घोषणा की तािीख/Date of Pronouncem…

Deputy Commissioner of Income Tax-1(1)(1), Mumbai vs. Aegis Logistics Limited, Mumbai

In the result, the appeal filed by the revenue is dismissed

ITA 5148/MUM/2019[2015-16]Status: DisposedITAT Mumbai16 Feb 2021AY 2015-16

Bench: Shri Shamim Yahya & Shri Pavan Kumar Gadalethe Dy. Commissioner Of बनाम/ Aegis Logistics Limited, Income Tax – 1 (1) (1), 1202, Tower-B, Vs. 579, 5Th Floor, Aayakar Peninsula Business Bhavan, M.K. Road, Park, Ganpat Roa Mumbai - 400020 Kadam Marg, Lower Parel (West), Mumbai - 400013 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaaca3302N (अपीलाथ" /Appellant) .. (""यथ" / Respondent) अपीलाथ" ओर से / Shri Brajendra Kumar, Dr Appellant By : ""यथ" क" ओर Shri Ketan Ved, Ar से/Respondent By : सुनवाई क" तारीख / Date Of 11/02/2021 Hearing घोषणा क" तारीख /Date Of 16/02/2021 Pronouncement आदेश / O R D E R

Section 143Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI BEFORE SHRI SHAMIM YAHYA, ACCOUNTANT MEMBER & SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER The Dy. Commissioner of बनाम/ Aegis Logistics Limited, Income Tax – 1 (1) (1), 1202, Tower-B, Vs. 579, 5th Floor, Aayakar Peninsula Business Bhavan, M.K. Road, Park, Ganpat Roa Mumbai - 400020 Kadam Marg, Lower Parel (West), Mumbai - 400013 "थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AAACA3302N (अपीलाथ" /Appellant) .. (""यथ" / Respondent) अपीलाथ" ओर से / Shri Brajendra Kumar, DR Appellant by : ""यथ" क" ओर Shri Ketan Ved, AR से/Respondent by : सुनवाई क" तारीख / Date of 11/02/2…

Vivimed Labs Ltd., Hyd, Hyderabad vs. DCIT, Circle 17(2), Hyderabad

In the result, assessee’s appeal is partly allowed

ITA 212/HYD/2016[2011-12]Status: DisposedITAT Hyderabad17 Dec 2020AY 2011-12

Bench: Smt. P. Madhavi Devi & Shri D.S. Sunder Singhassessment Year: 2011-12 M/S Vivimed Labs Limited Dcit, Circle 17(2) 2Nd Floor Veernag Towers Vs. Hyderabad Habsiguda Hyderabad 500 007 Pan: Aaacv6060A (Appellant) (Respondent) Appellant By: Sh. P.Murali Mohana Rao, Adv. Respondent By: Sh. Yvst Sai, Cit, D.R. Date Of Hearing: 16/11/2020 Date Of Pronouncement: 17/12/2020 Order Per Smt. P. Madhavi Devi, J.M. This Is Assessee’S Appeal For The A.Y. 2011-12 Against The Final Assessment Order Dated 29.01.2016 Passed U/S 143(3) R.W.S. 144C(13) Of The I.T. Act, 1961. This Appeal Was Taken Up For Hearing On 16.11.2020 Through Video Conferencing & Both The Parties Were Heard.

For Appellant: Sh. P.Murali Mohana RaoFor Respondent: Sh. YVST Sai, CIT, D.R
Section 115JSection 143(3)Section 14ASection 80Section 92C

…the Act, no addition should be made to the income u/s 115 JB of the Act. He placed reliance upon the following decisions in support of his contention. i) Sri ASL Finvest Pvt. Ltd vs. ITO in ITA No.294/Hyd/2018 ii) ACIT vs.Vireet Investment (P) Ltd reported in 82 Taxmann.com 415. iii)Agila Specialities P Ltd vs. ACIT in ITA No.987/Hyd/2018 7.1. Ld.DR supported the orders of authorities below. 7.2. Having regard to rival contentions and material placed on record, we find that the issue of disallowance u/s 14A where there is no exempt income earned during the relevant financial year, is covered in favour of the ass…