ACIT v. Vireet Investment Pvt. Ltd.

ITA 1064/BANG/2023[2016-17]Status: HeardITAT Bangalore22 Mar 2024AY 2016-17

…imber Industries v Commissioner of Central Excise, 281 CTR 241 (SC) wherein held that opportunity of cross examination not given leads to nullity and such assessment orders to be quashed. Further bench of tribunal in case of ACIT vs Vireet Investments (P) Ltd 165 ITD 27 (Delhi - Trib.) (SB) wherein it was held that two reasonable constructions of a taxing provision are possible, that construction which favours the assessee must be adopted, which is in line with the supreme court judgement in the case of CIT vs Vegetable Products, 88 ITR (SC). This is a well-accepted construction recognised by various courts. 9.28…

Sri Prakash Bhajandas Talreja, Bengaluru vs. Deputy Commissioner of Income Tax, Central Circle-1(3), Bengaluru

In the result, ITA Nos.1061, 1062, 1063, 1065 & 1066/Bang/2023 are partly allowed and ITA No

Bench: Shri Chandra Poojari & Smt. Beena Pillaiita Nos.1061 To 1066/Bang/2023 Assessment Years: 2014-15, 2015-16, 2016-17, 2016-17, 2017-18 & 2018-19 Sri Prakash Bhajandas Talreja No.402, 4Th Floor, Embassy Centre No.11, Crescent Road Dcit Bengaluru 560 001 Vs. Central Circle-1(3) Karnataka Bengaluru Pan No : Abkpt1011B Assessee Respondent Assessee By : Shri V. Srinivasan, A.R. Respondent By : Shri G. Manoj Kumar, D.R. Date Of Hearing : 01.02.2024 Date Of Pronouncement : 22.03.2024 O R D E R Per Chandra Poojari: The Appeals In Ita Nos.1061, 1062, 1063, 1065 & 1066/Bang/2023 Are Emanated From The Common Order Of Cit(A) Central Circle, Bengaluru For The Assessment Years 2014-15 To 2018-19 Dated 16.11.2023. Ita No.1064/Bang/2023 Is Emanated From The Order Of Cit(A) Dated 11.8.2023 For The Assessment Year 2016-17 With Regard To Levy Of Penalty U/S 271Aab Of The Income Tax Act, 1961 (In Short “The Act”). Since The Issue In All These Appeals Is Common In Nature, These Are Clubbed Together, Heard Together & Disposed Of By This Common Order For The Sake Of Convenience. 2. First, We Will Take Up Ita Nos.1061, 1062, 1063, 1065 & 1066/Bang/2023 For Adjudication. The Common Ground In All These Appeals Except Change In Figures, Which Reads As Under:

For Appellant: Shri V. Srinivasan, A.RFor Respondent: Shri G. Manoj Kumar, D.R

ITA 1062/BANG/2023[2015-16]Status: DisposedITAT Bangalore22 Mar 2024AY 2015-16

…imber Industries v Commissioner of Central Excise, 281 CTR 241 (SC) wherein held that opportunity of cross examination not given leads to nullity and such assessment orders to be quashed. Further bench of tribunal in case of ACIT vs Vireet Investments (P) Ltd 165 ITD 27 (Delhi - Trib.) (SB) wherein it was held that two reasonable constructions of a taxing provision are possible, that construction which favours the assessee must be adopted, which is in line with the supreme court judgement in the case of CIT vs Vegetable Products, 88 ITR (SC). This is a well-accepted construction recognised by various courts. 9.28…

Sri Prakash Bhajandas Talreja, Bengaluru vs. Deputy Commissioner of Income-Tax, Central Circle-1(3), Bengaluru

In the result, ITA Nos.1061, 1062, 1063, 1065 & 1066/Bang/2023 are partly allowed and ITA No

Bench: Shri Chandra Poojari & Smt. Beena Pillaiita Nos.1061 To 1066/Bang/2023 Assessment Years: 2014-15, 2015-16, 2016-17, 2016-17, 2017-18 & 2018-19 Sri Prakash Bhajandas Talreja No.402, 4Th Floor, Embassy Centre No.11, Crescent Road Dcit Bengaluru 560 001 Vs. Central Circle-1(3) Karnataka Bengaluru Pan No : Abkpt1011B Assessee Respondent Assessee By : Shri V. Srinivasan, A.R. Respondent By : Shri G. Manoj Kumar, D.R. Date Of Hearing : 01.02.2024 Date Of Pronouncement : 22.03.2024 O R D E R Per Chandra Poojari: The Appeals In Ita Nos.1061, 1062, 1063, 1065 & 1066/Bang/2023 Are Emanated From The Common Order Of Cit(A) Central Circle, Bengaluru For The Assessment Years 2014-15 To 2018-19 Dated 16.11.2023. Ita No.1064/Bang/2023 Is Emanated From The Order Of Cit(A) Dated 11.8.2023 For The Assessment Year 2016-17 With Regard To Levy Of Penalty U/S 271Aab Of The Income Tax Act, 1961 (In Short “The Act”). Since The Issue In All These Appeals Is Common In Nature, These Are Clubbed Together, Heard Together & Disposed Of By This Common Order For The Sake Of Convenience. 2. First, We Will Take Up Ita Nos.1061, 1062, 1063, 1065 & 1066/Bang/2023 For Adjudication. The Common Ground In All These Appeals Except Change In Figures, Which Reads As Under:

For Appellant: Shri V. Srinivasan, A.RFor Respondent: Shri G. Manoj Kumar, D.R

ITA 1061/BANG/2023[2014-15]Status: DisposedITAT Bangalore22 Mar 2024AY 2014-15

…imber Industries v Commissioner of Central Excise, 281 CTR 241 (SC) wherein held that opportunity of cross examination not given leads to nullity and such assessment orders to be quashed. Further bench of tribunal in case of ACIT vs Vireet Investments (P) Ltd 165 ITD 27 (Delhi - Trib.) (SB) wherein it was held that two reasonable constructions of a taxing provision are possible, that construction which favours the assessee must be adopted, which is in line with the supreme court judgement in the case of CIT vs Vegetable Products, 88 ITR (SC). This is a well-accepted construction recognised by various courts. 9.28…

Sri Prakash Bhajandas Talreja, Bengaluru vs. Deputy Commissioner of Income-Tax, Central Circle-1(3), Bengaluru

In the result, ITA Nos.1061, 1062, 1063, 1065 & 1066/Bang/2023 are partly allowed and ITA No

Bench: Shri Chandra Poojari & Smt. Beena Pillaiita Nos.1061 To 1066/Bang/2023 Assessment Years: 2014-15, 2015-16, 2016-17, 2016-17, 2017-18 & 2018-19 Sri Prakash Bhajandas Talreja No.402, 4Th Floor, Embassy Centre No.11, Crescent Road Dcit Bengaluru 560 001 Vs. Central Circle-1(3) Karnataka Bengaluru Pan No : Abkpt1011B Assessee Respondent Assessee By : Shri V. Srinivasan, A.R. Respondent By : Shri G. Manoj Kumar, D.R. Date Of Hearing : 01.02.2024 Date Of Pronouncement : 22.03.2024 O R D E R Per Chandra Poojari: The Appeals In Ita Nos.1061, 1062, 1063, 1065 & 1066/Bang/2023 Are Emanated From The Common Order Of Cit(A) Central Circle, Bengaluru For The Assessment Years 2014-15 To 2018-19 Dated 16.11.2023. Ita No.1064/Bang/2023 Is Emanated From The Order Of Cit(A) Dated 11.8.2023 For The Assessment Year 2016-17 With Regard To Levy Of Penalty U/S 271Aab Of The Income Tax Act, 1961 (In Short “The Act”). Since The Issue In All These Appeals Is Common In Nature, These Are Clubbed Together, Heard Together & Disposed Of By This Common Order For The Sake Of Convenience. 2. First, We Will Take Up Ita Nos.1061, 1062, 1063, 1065 & 1066/Bang/2023 For Adjudication. The Common Ground In All These Appeals Except Change In Figures, Which Reads As Under:

For Appellant: Shri V. Srinivasan, A.RFor Respondent: Shri G. Manoj Kumar, D.R

ITA 178/AHD/2023[2018-19]Status: DisposedITAT Ahmedabad15 Mar 2024AY 2018-19

…imber Industries v Commissioner of Central Excise, 281 CTR 241 (SC) wherein held that opportunity of cross examination not given leads to nullity and such assessment orders to be quashed. Further bench of tribunal in case of ACIT vs Vireet Investments (P) Ltd 165 ITD 27 (Delhi - Trib.) (SB) wherein it was held that two reasonable constructions of a taxing provision are possible, that construction which favours the assessee must be adopted, which is in line with the supreme court judgement in the case of CIT vs Vegetable Products, 88 ITR (SC). This is a well-accepted construction recognised by various courts. 9.28…

The ACIT, Circle-1(1)(1), Vadodara vs. Gujarat Urja Vikas Nigam Limited, Vadodara

In the result, the appeal of the assessee is allowed for statistical purposes and the appeal filed by the Revenue is partly allowed for statistical purposes

Bench: Smt. Annapurna Gupta & Ms. Madhumita Roy

For Appellant: Respondent by : Shri Akhilendra Pratap Yadaw, CIT DRFor Respondent: Shri Akhilendra Pratap Yadaw, CIT DR

Section 143(3)Section 14ASection 234ASection 270A

…applicable to clause (f) of Explanation to Section 115JB of the Act, 1961. 6. The Revenue, therefore, went in appeal before the Tribunal and the Tribunal relying upon the decision of the Special Bench of the ITAT in the case of ACIT vs. Vineet Investment vide 165 ITD 27 (Delhi) and the decision in Alembic Ltd upheld the order passed by the CIT(A). 7. The issue as to whether the addition made under Section 14A of the Act, 1961 while computing book profit under Section 115JB of the Act, 1961 is no more res integra. Accordingly, this Court in the case of Principal Commissioner of Income Tax vs. Gujarat Fluorochemica…

Gujarat Urja Vikas Nigam Limited, Vadodara vs. The Dy. Commissioner of Income Tax, Circle-1(1)(1), Vadodara

In the result, the appeal of the assessee is allowed for statistical purposes and the appeal filed by the Revenue is partly allowed for statistical purposes

ITA 139/AHD/2023[2018-19]Status: DisposedITAT Ahmedabad15 Mar 2024AY 2018-19

Bench: Smt. Annapurna Gupta & Ms. Madhumita Roy

For Appellant: Respondent by : Shri Akhilendra Pratap Yadaw, CIT DRFor Respondent: Shri Akhilendra Pratap Yadaw, CIT DR

Section 143(3)Section 14ASection 234ASection 270A

…applicable to clause (f) of Explanation to Section 115JB of the Act, 1961. 6. The Revenue, therefore, went in appeal before the Tribunal and the Tribunal relying upon the decision of the Special Bench of the ITAT in the case of ACIT vs. Vineet Investment vide 165 ITD 27 (Delhi) and the decision in Alembic Ltd upheld the order passed by the CIT(A). 7. The issue as to whether the addition made under Section 14A of the Act, 1961 while computing book profit under Section 115JB of the Act, 1961 is no more res integra. Accordingly, this Court in the case of Principal Commissioner of Income Tax vs. Gujarat Fluorochemica…

Jt. CIT (OSD) - 2 (3)(1), Mumbai vs. Tata Sons Private Ltd., Mumbai

In the result, appeal of the Revenue is dismissed

ITA 1349/MUM/2019[2012-13]Status: DisposedITAT Mumbai15 Mar 2024AY 2012-13

Bench: Shri Vikas Awasthy& Shri S.Rifaur Rahmanआअसं. 1093/मुं/2019 (नि.व. 2012-13)

…it is the claim of the assessee that only investments which yield dividend income during the year should be considered. We find that claim of the assessee is supported by decision of Special Bench of the Tribunal in ACIT vs Vireet Investment (P) Ltd., [2017] 165 ITD 27 (Delhi – Trib), wherein it was held that only those investments are to be considered for computing average value of investment, which yields exempt income during the year. We further find that the coordinate bench of the Tribunal in assessee's own case in Tata Sons Ltd vs ACIT, in ITA Nos. 3192 and 3508/Mum/2013, vide order dated 06/11/2019 for as…

Tata Sons Pvt. Ltd, Mumbai vs. CIT (A)-58, Mumbai

In the result, appeal of the Revenue is dismissed

ITA 1093/MUM/2019[2012-13]Status: DisposedITAT Mumbai15 Mar 2024AY 2012-13

Bench: Shri Vikas Awasthy& Shri S.Rifaur Rahmanआअसं.1093/मुं/2019(िन.व. 2012-13) Tata Sons Private Limited, Bombay House, 24, Homi Mody Street, Fort, Mumbai 400 001. ...... अपीलाथ"/Appellant Pan: Aaact-4060-A बनाम Vs. The Commissioner Of Income Tax (Appeals)-58, Jcit, Room No.552, Aaykar Bhavan, M.K.Road, ....."ितवादी/Respondent Mumbai – 400 020 आअसं.1349/मुं/2019 (िन.व. 2012-13) Jt.Cit (Osd)-2(3)(1), Mumbai Room No.552, 5Th Floor, Aaykar Bhavan, M.K.Road, ...... अपीलाथ"/Appellant Mumbai – 400 020 बनाम Vs. Tata Sons Private Limited, Bombay House, 24, Homi Mody Stree, Fort, Mumbai 400 001. ....."ितवादी/Respondent Pan: Aaact-4060-A अपीलाथ""ारा/Appellant By : Ms. Arati Vissanji & Ms. Aastha Shah, Advocates. "ितवादी "ारा/Respondent By : S/Shri Manoj Kumar, Cit-Dr & Ujjwal Kumar Chavhan, Sr.Ar सुनवाई की ितिथ/ Date Of Hearing : 22/12/2023 घोषणा की ितिथ/ Date Of Pronouncement : 15/03/2024

For Appellant: Ms. Arati Vissanji and Ms. Aastha Shah, AdvocatesFor Respondent: S/Shri Manoj Kumar, CIT-DR and Ujjwal Kumar Chavhan, Sr.AR

…it is the claim of the assessee that only investments which yield dividend income during the year should be considered. We find that claim of the assessee is supported by decision of Special Bench of the Tribunal in ACIT vs Vireet Investment (P) Ltd., [2017] 165 ITD 27 (Delhi – Trib), wherein it was held that only those investments are to be considered for computing average value of investment, which yields exempt income during the year. We further find that the coordinate bench of the Tribunal in assessee’s own case in Tata Sons Ltd vs ACIT, in ITA Nos. 3192 and 3508/Mum/2013, vide order dated 06/11/2019 for as…

Gujarat Urja Vikas Nigam Ltd, Vadodara vs. The ACIT, Cirecle-1(1)(1), Vadodara

In the result, the appeal of the assessee is allowed for statistical purposes and the appeal filed by the Revenue is partly allowed for statistical purposes

ITA 318/AHD/2020[2016-17]Status: DisposedITAT Ahmedabad29 Feb 2024AY 2016-17

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy

For Appellant: Shri M. J. Shah, A.R. & Shri Jimi Patel , A.RFor Respondent: Shri Sudhendu Das, CIT DR

Section 143(3)Section 14ASection 234ASection 271(1)(c)

…applicable to clause (f) of Explanation to Section 115JB of the Act, 1961. 6. The Revenue, therefore, went in appeal before the Tribunal and the Tribunal relying upon the decision of the Special Bench of the ITAT in the case of ACIT vs. Vineet Investment vide 165 ITD 27 (Delhi) and the decision in Alembic Ltd upheld the order passed by the CIT(A). 7. The issue as to whether the addition made under Section 14A of the Act, 1961 while computing book profit under Section 115JB of the Act, 1961 is no more res integra. Accordingly, this Court in the case of Principal Commissioner of Income Tax vs. Gujarat Fluorochemica…

Electronics Corporation of Tamilnadu Ltd., Chennai vs. DCIT Corporate Circle 2(1), Chennai

In the result, appeal filed by the assessee for assessment year 2013-14 is partly allowed for statistical purposes

ITA 2437/CHNY/2017[2013-14]Status: DisposedITAT Chennai21 Feb 2024AY 2013-14

Bench: Shri Manjunatha. G, Hon’Ble & Shri Manomohan Das, Hon’Bleआयकरअपीलसं./Ita Nos.: 2431, 2432, 2433, 2434, 2435, 2436 & 2437/Chny/2017 िनधा"रणवष" / Assessment Years: 2006-07, 2006-07, 2007-08, 2008-09, 2011-12, 2012-13 & 2013-14 M/S. Electronics Corporation Of The Deputy Commissioner Of Tamilnadu Ltd., V. Income Tax, No. 692, Mhu Complex, Corporate Circle -2(1), Anna Salai, Nandanam, Chennai. Chennai – 600 035. [Pan: Aaace-1670-K] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. S. Sridhar, Advocate अपीलाथ"क"ओरसे/Appellant By ""यथ"क"ओरसे/Respondent By : Shri. P. Sajit Kumar, Jcit सुनवाई क" तारीख/Date Of Hearing : 04.01.2024 घोषणा क" तारीख/Date Of Pronouncement : 21.02.2024

ITA 2436/CHNY/2017[2012-13]Status: DisposedITAT Chennai21 Feb 2024AY 2012-13

…4-: ITA. Nos: 2431 to 2437/Chny/2017 25.1 The Ld. Counsel for the assessee, has made only one argument in light of the decision of ITAT Special Bench in the case of ACIT Vs. Vireet Investments Pvt. Ltd., in ITA No.502/Del/2012 & CO No.68/Del/2014, reported in 165 ITD 27 and submitted that for the purpose of computing disallowance under Rule 8D(2)(iii) of I.T. Rules, 1962 only those investment which yielded exempt income should be considered and for this purpose the matter may be set aside to the file of the Assessing Officer for verification. 25.2 The ld. DR, on the other hand fairly agreed that the matter may b…

Electronics Corporation of Tamilnadu Ltd., Chennai vs. DCIT Corporate Circle 2(1), Chennai

In the result, appeal filed by the assessee for assessment year 2013-14 is partly allowed for statistical purposes

Bench: Shri Manjunatha. G, Hon’Ble & Shri Manomohan Das, Hon’Bleआयकरअपीलसं./Ita Nos.: 2431, 2432, 2433, 2434, 2435, 2436 & 2437/Chny/2017 िनधा"रणवष" / Assessment Years: 2006-07, 2006-07, 2007-08, 2008-09, 2011-12, 2012-13 & 2013-14 M/S. Electronics Corporation Of The Deputy Commissioner Of Tamilnadu Ltd., V. Income Tax, No. 692, Mhu Complex, Corporate Circle -2(1), Anna Salai, Nandanam, Chennai. Chennai – 600 035. [Pan: Aaace-1670-K] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. S. Sridhar, Advocate अपीलाथ"क"ओरसे/Appellant By ""यथ"क"ओरसे/Respondent By : Shri. P. Sajit Kumar, Jcit सुनवाई क" तारीख/Date Of Hearing : 04.01.2024 घोषणा क" तारीख/Date Of Pronouncement : 21.02.2024

ITA 2435/CHNY/2017[2011-12]Status: DisposedITAT Chennai21 Feb 2024AY 2011-12

…4-: ITA. Nos: 2431 to 2437/Chny/2017 25.1 The Ld. Counsel for the assessee, has made only one argument in light of the decision of ITAT Special Bench in the case of ACIT Vs. Vireet Investments Pvt. Ltd., in ITA No.502/Del/2012 & CO No.68/Del/2014, reported in 165 ITD 27 and submitted that for the purpose of computing disallowance under Rule 8D(2)(iii) of I.T. Rules, 1962 only those investment which yielded exempt income should be considered and for this purpose the matter may be set aside to the file of the Assessing Officer for verification. 25.2 The ld. DR, on the other hand fairly agreed that the matter may b…

Electronics Corporation of Tamilnadu Ltd., Chennai vs. DCIT Corporate Circle 2(1), Chennai

In the result, appeal filed by the assessee for assessment year 2013-14 is partly allowed for statistical purposes

Bench: Shri Manjunatha. G, Hon’Ble & Shri Manomohan Das, Hon’Bleआयकरअपीलसं./Ita Nos.: 2431, 2432, 2433, 2434, 2435, 2436 & 2437/Chny/2017 िनधा"रणवष" / Assessment Years: 2006-07, 2006-07, 2007-08, 2008-09, 2011-12, 2012-13 & 2013-14 M/S. Electronics Corporation Of The Deputy Commissioner Of Tamilnadu Ltd., V. Income Tax, No. 692, Mhu Complex, Corporate Circle -2(1), Anna Salai, Nandanam, Chennai. Chennai – 600 035. [Pan: Aaace-1670-K] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. S. Sridhar, Advocate अपीलाथ"क"ओरसे/Appellant By ""यथ"क"ओरसे/Respondent By : Shri. P. Sajit Kumar, Jcit सुनवाई क" तारीख/Date Of Hearing : 04.01.2024 घोषणा क" तारीख/Date Of Pronouncement : 21.02.2024

ITA 2434/CHNY/2017[2008-09]Status: DisposedITAT Chennai21 Feb 2024AY 2008-09

…4-: ITA. Nos: 2431 to 2437/Chny/2017 25.1 The Ld. Counsel for the assessee, has made only one argument in light of the decision of ITAT Special Bench in the case of ACIT Vs. Vireet Investments Pvt. Ltd., in ITA No.502/Del/2012 & CO No.68/Del/2014, reported in 165 ITD 27 and submitted that for the purpose of computing disallowance under Rule 8D(2)(iii) of I.T. Rules, 1962 only those investment which yielded exempt income should be considered and for this purpose the matter may be set aside to the file of the Assessing Officer for verification. 25.2 The ld. DR, on the other hand fairly agreed that the matter may b…

Electronics Corporation of Tamilnadu Ltd., Chennai vs. DCIT Corporate Circle 2(1), Chennai

In the result, appeal filed by the assessee for assessment year 2013-14 is partly allowed for statistical purposes

Bench: Shri Manjunatha. G, Hon’Ble & Shri Manomohan Das, Hon’Bleआयकरअपीलसं./Ita Nos.: 2431, 2432, 2433, 2434, 2435, 2436 & 2437/Chny/2017 िनधा"रणवष" / Assessment Years: 2006-07, 2006-07, 2007-08, 2008-09, 2011-12, 2012-13 & 2013-14 M/S. Electronics Corporation Of The Deputy Commissioner Of Tamilnadu Ltd., V. Income Tax, No. 692, Mhu Complex, Corporate Circle -2(1), Anna Salai, Nandanam, Chennai. Chennai – 600 035. [Pan: Aaace-1670-K] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. S. Sridhar, Advocate अपीलाथ"क"ओरसे/Appellant By ""यथ"क"ओरसे/Respondent By : Shri. P. Sajit Kumar, Jcit सुनवाई क" तारीख/Date Of Hearing : 04.01.2024 घोषणा क" तारीख/Date Of Pronouncement : 21.02.2024

ITA 2433/CHNY/2017[2007-08]Status: DisposedITAT Chennai21 Feb 2024AY 2007-08

…4-: ITA. Nos: 2431 to 2437/Chny/2017 25.1 The Ld. Counsel for the assessee, has made only one argument in light of the decision of ITAT Special Bench in the case of ACIT Vs. Vireet Investments Pvt. Ltd., in ITA No.502/Del/2012 & CO No.68/Del/2014, reported in 165 ITD 27 and submitted that for the purpose of computing disallowance under Rule 8D(2)(iii) of I.T. Rules, 1962 only those investment which yielded exempt income should be considered and for this purpose the matter may be set aside to the file of the Assessing Officer for verification. 25.2 The ld. DR, on the other hand fairly agreed that the matter may b…

Electronics Corporation of Tamilnadu Ltd., Chennai vs. DCIT Corporate Circle 2(1), Chennai

In the result, appeal filed by the assessee for assessment year 2013-14 is partly allowed for statistical purposes

Bench: Shri Manjunatha. G, Hon’Ble & Shri Manomohan Das, Hon’Bleआयकरअपीलसं./Ita Nos.: 2431, 2432, 2433, 2434, 2435, 2436 & 2437/Chny/2017 िनधा"रणवष" / Assessment Years: 2006-07, 2006-07, 2007-08, 2008-09, 2011-12, 2012-13 & 2013-14 M/S. Electronics Corporation Of The Deputy Commissioner Of Tamilnadu Ltd., V. Income Tax, No. 692, Mhu Complex, Corporate Circle -2(1), Anna Salai, Nandanam, Chennai. Chennai – 600 035. [Pan: Aaace-1670-K] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. S. Sridhar, Advocate अपीलाथ"क"ओरसे/Appellant By ""यथ"क"ओरसे/Respondent By : Shri. P. Sajit Kumar, Jcit सुनवाई क" तारीख/Date Of Hearing : 04.01.2024 घोषणा क" तारीख/Date Of Pronouncement : 21.02.2024

ITA 2432/CHNY/2017[2006-07]Status: DisposedITAT Chennai21 Feb 2024AY 2006-07

…4-: ITA. Nos: 2431 to 2437/Chny/2017 25.1 The Ld. Counsel for the assessee, has made only one argument in light of the decision of ITAT Special Bench in the case of ACIT Vs. Vireet Investments Pvt. Ltd., in ITA No.502/Del/2012 & CO No.68/Del/2014, reported in 165 ITD 27 and submitted that for the purpose of computing disallowance under Rule 8D(2)(iii) of I.T. Rules, 1962 only those investment which yielded exempt income should be considered and for this purpose the matter may be set aside to the file of the Assessing Officer for verification. 25.2 The ld. DR, on the other hand fairly agreed that the matter may b…

Electronics Corporation of Tamilnadu Ltd., Chennai vs. DCIT Corporate Circle 2(1), Chennai

In the result, appeal filed by the assessee for assessment year 2013-14 is partly allowed for statistical purposes

Bench: Shri Manjunatha. G, Hon’Ble & Shri Manomohan Das, Hon’Bleआयकरअपीलसं./Ita Nos.: 2431, 2432, 2433, 2434, 2435, 2436 & 2437/Chny/2017 िनधा"रणवष" / Assessment Years: 2006-07, 2006-07, 2007-08, 2008-09, 2011-12, 2012-13 & 2013-14 M/S. Electronics Corporation Of The Deputy Commissioner Of Tamilnadu Ltd., V. Income Tax, No. 692, Mhu Complex, Corporate Circle -2(1), Anna Salai, Nandanam, Chennai. Chennai – 600 035. [Pan: Aaace-1670-K] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. S. Sridhar, Advocate अपीलाथ"क"ओरसे/Appellant By ""यथ"क"ओरसे/Respondent By : Shri. P. Sajit Kumar, Jcit सुनवाई क" तारीख/Date Of Hearing : 04.01.2024 घोषणा क" तारीख/Date Of Pronouncement : 21.02.2024