ACIT v. Vireet Investment Pvt. Ltd.

165 ITD 27Income Tax Appellate Tribunal2017#55 most cited

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

No disallowance under section 14A can be made while computing book profits under section 115JB unless the expenditure is debited to the profit and loss account and satisfies clause (f) of Explanation 1 to section 115JB(2).

882

judgments rely on this decision, according to BharatTax’s citation analysis of 370,744 Indian tax judgments — from 2017 to 2026.

Also referred to as

ACIT v. Vireet Investment Pvt. Ltd. · Section 14A disallowance · Section 115JB book profits · MAT computation · expenditure for exempt income · Explanation 1 to Section 115JB(2)(f) · debit to profit and loss account · Vireet Investment Special Bench

Also reported as

58 ITR (Trib) 313

Sections most often in play

Section 14ASection 115JBSection 143(3)Section 1961Section 8DSection 37(1)Section 250Section 143(2)

Issues it is cited on

section 115jb(2)section 14a(2)strategic investmentbook profitscorporate guaranteesection 115jdisallowance under section 14adisallowance of interest expendituresection 115jbdisallowance u/s 14asection 92bsection 14a

Judgments citing ACIT v. Vireet Investment Pvt. Ltd.

M/S Electronics Corporation of Tamilnadu Ltd, Nandanam 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 2431/CHNY/2017[2006-07]Status: DisposedITAT Chennai21 Feb 2024AY 2006-07

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

For Respondent: Shri. P. Sajit Kumar, JCIT
Section 143(3)Section 14A

…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…

Tata International Ltd, Mumbai vs. Addl CIT 7(3), Mumbai

Appeal of the assessee is partly allowed for statistical purposes

ITA 537/MUM/2013[2008-09]Status: DisposedITAT Mumbai06 Feb 2024AY 2008-09

Bench: Shri Amit Shukla & Shri Gagan Goyaltata International Ltd., Block A, Shivsagar Estates Dr. Annie Besant Road, Worli, Mumbai- 400018, Pan: Aaact3198F ...... Appellant Vs. Acit – 7(3), R. No. 675, 6Th Floor, Aayakar Bhavan, M. K. Marg Mumbai- 400020 ..... Respondent

For Appellant: Shri Nitesh Joshi a/w Ninad PatadeFor Respondent: Shri Anoop Hiwase, Ld. DR
Section 144CSection 36(1)Section 36(1)(iii)

…only those investments which have yielded income i.e 0.5% of Rs. 2352.53 Lakhs which will come to Rs.11.76 Lakhs. The 8 TATA INTERNATIONAL LTD. appellant places reliance on decision of Special Bench in case of ACIT Vs. Vireet Investment Pvt. Ltd. (SB) (2017) 165 ITD 27 (Para 11.16 of the Order). (Page 69 to 99) 10. Considering the above facts, which are not under challenge, judicial pronouncements discussed and relied up-on (supra), it can be safely concluded relying on the decision of Hon’ble jurisdictional High Court in the case of Reliance Utilities & Power Ltd. and HDFC Bank Ltd wherein it has been held tha…

Tata Motors Ltd, Mumbai vs. ACIT 2(3), Mumbai

In the result, appeal of the assessee is partly allowed

ITA 631/MUM/2013[2008-09]Status: DisposedITAT Mumbai05 Feb 2024AY 2008-09

Bench: Shri Vikas Awasthy& Shri S.Rifaur Rahmanआअसं.631/मुं/2013 (िन.व. 2008-09) Tata Motors Limited Bombay House, 24,Homi Mody Street, Hutama Chowk, Mumbai – 400001. Pan: Aaact-2727-Q ...... अपीलाथ"/Appellant बनाम Vs. The Addl. Commissioner Of Income Tax Circle -2(3), Mumbai. Aaykar Bhavan, M.K.Road, Mumbai – 400 020 ....."ितवादी/Respondent अपीलाथ" "ारा/ Appellant By : Shri J.D.Mistry, Sr.Advocate With Shri Nikhil Tiwari,Advocate "ितवादी "ारा/Respondent By : Ms. Vatsala Jha, Cit-Dr & Shri Manoj Kumar Singh, Sr.Ar सुनवाई की ितिथ/ Date Of Hearing : 10/11/2023 घोषणा की ितिथ/ Date Of Pronouncement : 05/02/2024 आदेश/Order Per Vikas Awasthy, Jm:

For Appellant: Shri J.D.Mistry, Sr.Advocate with Shri Nikhil Tiwari,AdvocateFor Respondent: Ms. Vatsala Jha, CIT-DR and Shri Manoj Kumar Singh, Sr.AR
Section 116Section 143(3)Section 92C

…o Rs.2.21 crores. Without prejudice to primary prayer, he made an alternate prayer that if disallowance is restricted to investments yielding dividend income during the year in line with the decision of Special Bench in the case of Vireet Investments Pvt. Ltd.165 ITD 27 (SB-Del) then the disallowance u/s.14A would be Rs.7.23 crores. 27 23. Per contra, the ld. Departmental Representative vehemently defended the impugned order on this issue and prayer for upholding disallowance u/s. 14A of the Act. 24. Both sides heard. The assessee during relevant period has earned exempt income from dividend Rs.220.74 crores an…

The Hindustan Times Ltd., New Delhi vs. ACIT, New Delhi

In the result, both the appeals of the assessee for the Asst Year 2010-11

ITA 1227/DEL/2015[2010-11]Status: DisposedITAT Delhi31 Jan 2024AY 2010-11

Bench: Shri Saktijit Dey & Shri M. Balaganeshm/S. The Hindustan Times Ltd, Vs. Dcit, 18-20, Kg Marg, New Delhi Circle-16(1), New Delhi (Appellant) (Respondent) Pan:Aaact4962F M/S. The Hindustan Times Ltd, Vs. Dcit, 18-20, Kg Marg, New Delhi Circle-16(1), New Delhi (Appellant) (Respondent) Pan:Aaact4962F

For Appellant: Shri Rohit Jain, AdvFor Respondent: Shri Anuj Garg, Sr. DR
Section 115JSection 143(3)Section 14A

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “G ”: NEW DELHI BEFORE SHRI SAKTIJIT DEY, VICE PRESIDENT AND SHRI M. BALAGANESH, ACCOUNTANT MEMBER M/s. The Hindustan Times Ltd, Vs. DCIT, 18-20, KG Marg, New Delhi Circle-16(1), New Delhi (Appellant) (Respondent) PAN:AAACT4962F M/s. The Hindustan Times Ltd, Vs. DCIT, 18-20, KG Marg, New Delhi Circle-16(1), New Delhi (Appellant) (Respondent) PAN:AAACT4962F ITA No. 1226 & 1227/Del/2015 (Assessment Year: 2010-11) M/s. The Hindustan Times Ltd, Vs. ACIT, 18-20, KG Marg, New Delhi Circle-16(1), New Delhi (Appellant) (Respondent) PAN:AAACT4962F Assessee by : Shri Rohit Jain, A…

The Hindustan Times Ltd., New Delhi vs. ACIT, New Delhi

In the result, both the appeals of the assessee for the Asst Year 2010-11

ITA 1226/DEL/2015[2010-11]Status: DisposedITAT Delhi31 Jan 2024AY 2010-11

Bench: Shri Saktijit Dey & Shri M. Balaganeshm/S. The Hindustan Times Ltd, Vs. Dcit, 18-20, Kg Marg, New Delhi Circle-16(1), New Delhi (Appellant) (Respondent) Pan:Aaact4962F M/S. The Hindustan Times Ltd, Vs. Dcit, 18-20, Kg Marg, New Delhi Circle-16(1), New Delhi (Appellant) (Respondent) Pan:Aaact4962F

For Appellant: Shri Rohit Jain, AdvFor Respondent: Shri Anuj Garg, Sr. DR
Section 115JSection 143(3)Section 14A

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “G ”: NEW DELHI BEFORE SHRI SAKTIJIT DEY, VICE PRESIDENT AND SHRI M. BALAGANESH, ACCOUNTANT MEMBER M/s. The Hindustan Times Ltd, Vs. DCIT, 18-20, KG Marg, New Delhi Circle-16(1), New Delhi (Appellant) (Respondent) PAN:AAACT4962F M/s. The Hindustan Times Ltd, Vs. DCIT, 18-20, KG Marg, New Delhi Circle-16(1), New Delhi (Appellant) (Respondent) PAN:AAACT4962F ITA No. 1226 & 1227/Del/2015 (Assessment Year: 2010-11) M/s. The Hindustan Times Ltd, Vs. ACIT, 18-20, KG Marg, New Delhi Circle-16(1), New Delhi (Appellant) (Respondent) PAN:AAACT4962F Assessee by : Shri Rohit Jain, A…

The Hindustan Times Ltd., New Delhi vs. ACIT, New Delhi

In the result, both the appeals of the assessee for the Asst Year 2010-11

ITA 6512/DEL/2013[2009-10]Status: DisposedITAT Delhi31 Jan 2024AY 2009-10

Bench: Shri Saktijit Dey & Shri M. Balaganeshm/S. The Hindustan Times Ltd, Vs. Dcit, 18-20, Kg Marg, New Delhi Circle-16(1), New Delhi (Appellant) (Respondent) Pan:Aaact4962F M/S. The Hindustan Times Ltd, Vs. Dcit, 18-20, Kg Marg, New Delhi Circle-16(1), New Delhi (Appellant) (Respondent) Pan:Aaact4962F

For Appellant: Shri Rohit Jain, AdvFor Respondent: Shri Anuj Garg, Sr. DR
Section 115JSection 143(3)Section 14A

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “G ”: NEW DELHI BEFORE SHRI SAKTIJIT DEY, VICE PRESIDENT AND SHRI M. BALAGANESH, ACCOUNTANT MEMBER M/s. The Hindustan Times Ltd, Vs. DCIT, 18-20, KG Marg, New Delhi Circle-16(1), New Delhi (Appellant) (Respondent) PAN:AAACT4962F M/s. The Hindustan Times Ltd, Vs. DCIT, 18-20, KG Marg, New Delhi Circle-16(1), New Delhi (Appellant) (Respondent) PAN:AAACT4962F ITA No. 1226 & 1227/Del/2015 (Assessment Year: 2010-11) M/s. The Hindustan Times Ltd, Vs. ACIT, 18-20, KG Marg, New Delhi Circle-16(1), New Delhi (Appellant) (Respondent) PAN:AAACT4962F Assessee by : Shri Rohit Jain, A…

M/S. the Hindustan Times Ltd., New Delhi vs. DCIT, New Delhi

In the result, both the appeals of the assessee for the Asst Year 2010-11

ITA 1629/DEL/2012[2008-09]Status: DisposedITAT Delhi31 Jan 2024AY 2008-09

Bench: Shri Saktijit Dey & Shri M. Balaganeshm/S. The Hindustan Times Ltd, Vs. Dcit, 18-20, Kg Marg, New Delhi Circle-16(1), New Delhi (Appellant) (Respondent) Pan:Aaact4962F M/S. The Hindustan Times Ltd, Vs. Dcit, 18-20, Kg Marg, New Delhi Circle-16(1), New Delhi (Appellant) (Respondent) Pan:Aaact4962F

For Appellant: Shri Rohit Jain, AdvFor Respondent: Shri Anuj Garg, Sr. DR
Section 115JSection 143(3)Section 14A

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “G ”: NEW DELHI BEFORE SHRI SAKTIJIT DEY, VICE PRESIDENT AND SHRI M. BALAGANESH, ACCOUNTANT MEMBER M/s. The Hindustan Times Ltd, Vs. DCIT, 18-20, KG Marg, New Delhi Circle-16(1), New Delhi (Appellant) (Respondent) PAN:AAACT4962F M/s. The Hindustan Times Ltd, Vs. DCIT, 18-20, KG Marg, New Delhi Circle-16(1), New Delhi (Appellant) (Respondent) PAN:AAACT4962F ITA No. 1226 & 1227/Del/2015 (Assessment Year: 2010-11) M/s. The Hindustan Times Ltd, Vs. ACIT, 18-20, KG Marg, New Delhi Circle-16(1), New Delhi (Appellant) (Respondent) PAN:AAACT4962F Assessee by : Shri Rohit Jain, A…

ACIT, Central Circle- 27, New Delhi vs. Uflex Ltd., New Delhi

In the result, appeals of the assessee for AY 2011-12 and subsequent

ITA 2200/DEL/2018[2014-15]Status: DisposedITAT Delhi25 Jan 2024AY 2014-15

Bench: N.K. Billaiya & Ms. Astha Chandra

For Appellant: Shri M.P. Rastogi, AdvocateFor Respondent: Shri T. James Singson, CIT,DR
Section 115JSection 14ASection 801BSection 80I

…owance made by the Ld. AO and confirmed by the Ld. CIT(A) under section 115JB of the Act against which the assessee has raised ground No. 3, the Ld. AR relied on the decision of the ITAT, Delhi Special Bench in ACIT vs. Vireet Investment Pvt. Ltd. reported in 165 ITD 27 (Delhi) (SB) and the decision of Hon’ble Karnataka High Court in Shobha Developers Ltd. vs. DCIT (LTU) (2021) 434 ITR 266 (Kar) for the proposition that where disallowance made under section 14A r.w. Rule 8D were deleted, addition for said disallowance cannot be made to book profits under section 115JB of the Act. 16. The Ld. CIT-DR supported the…

ACIT, Central Circle- 27, New Delhi vs. Uflex Ltd., New Delhi

In the result, appeals of the assessee for AY 2011-12 and subsequent

ITA 2199/DEL/2018[2013-14]Status: DisposedITAT Delhi25 Jan 2024AY 2013-14

Bench: N.K. Billaiya & Ms. Astha Chandra

For Appellant: Shri M.P. Rastogi, AdvocateFor Respondent: Shri T. James Singson, CIT,DR
Section 115JSection 14ASection 801BSection 80I

…owance made by the Ld. AO and confirmed by the Ld. CIT(A) under section 115JB of the Act against which the assessee has raised ground No. 3, the Ld. AR relied on the decision of the ITAT, Delhi Special Bench in ACIT vs. Vireet Investment Pvt. Ltd. reported in 165 ITD 27 (Delhi) (SB) and the decision of Hon’ble Karnataka High Court in Shobha Developers Ltd. vs. DCIT (LTU) (2021) 434 ITR 266 (Kar) for the proposition that where disallowance made under section 14A r.w. Rule 8D were deleted, addition for said disallowance cannot be made to book profits under section 115JB of the Act. 16. The Ld. CIT-DR supported the…

ACIT, Central Circle- 27, New Delhi vs. Uflex Ltd., New Delhi

In the result, appeals of the assessee for AY 2011-12 and subsequent

ITA 2198/DEL/2018[2012-13]Status: DisposedITAT Delhi25 Jan 2024AY 2012-13

Bench: N.K. Billaiya & Ms. Astha Chandra

For Appellant: Shri M.P. Rastogi, AdvocateFor Respondent: Shri T. James Singson, CIT,DR
Section 115JSection 14ASection 801BSection 80I

…owance made by the Ld. AO and confirmed by the Ld. CIT(A) under section 115JB of the Act against which the assessee has raised ground No. 3, the Ld. AR relied on the decision of the ITAT, Delhi Special Bench in ACIT vs. Vireet Investment Pvt. Ltd. reported in 165 ITD 27 (Delhi) (SB) and the decision of Hon’ble Karnataka High Court in Shobha Developers Ltd. vs. DCIT (LTU) (2021) 434 ITR 266 (Kar) for the proposition that where disallowance made under section 14A r.w. Rule 8D were deleted, addition for said disallowance cannot be made to book profits under section 115JB of the Act. 16. The Ld. CIT-DR supported the…

ACIT, Central Circle- 27, New Delhi vs. Uflex Ltd., New Delhi

In the result, appeals of the assessee for AY 2011-12 and subsequent

ITA 2197/DEL/2018[2011-12]Status: DisposedITAT Delhi25 Jan 2024AY 2011-12

Bench: N.K. Billaiya & Ms. Astha Chandra

For Appellant: Shri M.P. Rastogi, AdvocateFor Respondent: Shri T. James Singson, CIT,DR
Section 115JSection 14ASection 801BSection 80I

…owance made by the Ld. AO and confirmed by the Ld. CIT(A) under section 115JB of the Act against which the assessee has raised ground No. 3, the Ld. AR relied on the decision of the ITAT, Delhi Special Bench in ACIT vs. Vireet Investment Pvt. Ltd. reported in 165 ITD 27 (Delhi) (SB) and the decision of Hon’ble Karnataka High Court in Shobha Developers Ltd. vs. DCIT (LTU) (2021) 434 ITR 266 (Kar) for the proposition that where disallowance made under section 14A r.w. Rule 8D were deleted, addition for said disallowance cannot be made to book profits under section 115JB of the Act. 16. The Ld. CIT-DR supported the…

Uflex Ltd., New Delhi vs. ACIT, Central Circle- 27, New Delhi

In the result, appeals of the assessee for AY 2011-12 and subsequent

ITA 1572/DEL/2018[2014-15]Status: DisposedITAT Delhi25 Jan 2024AY 2014-15

Bench: N.K. Billaiya & Ms. Astha Chandra

For Appellant: Shri M.P. Rastogi, AdvocateFor Respondent: Shri T. James Singson, CIT,DR
Section 115JSection 14ASection 801BSection 80I

…owance made by the Ld. AO and confirmed by the Ld. CIT(A) under section 115JB of the Act against which the assessee has raised ground No. 3, the Ld. AR relied on the decision of the ITAT, Delhi Special Bench in ACIT vs. Vireet Investment Pvt. Ltd. reported in 165 ITD 27 (Delhi) (SB) and the decision of Hon’ble Karnataka High Court in Shobha Developers Ltd. vs. DCIT (LTU) (2021) 434 ITR 266 (Kar) for the proposition that where disallowance made under section 14A r.w. Rule 8D were deleted, addition for said disallowance cannot be made to book profits under section 115JB of the Act. 16. The Ld. CIT-DR supported the…

Uflex Ltd., New Delhi vs. ACIT, Central Circle- 27, New Delhi

In the result, appeals of the assessee for AY 2011-12 and subsequent

ITA 1571/DEL/2018[2013-14]Status: DisposedITAT Delhi25 Jan 2024AY 2013-14

Bench: N.K. Billaiya & Ms. Astha Chandra

For Appellant: Shri M.P. Rastogi, AdvocateFor Respondent: Shri T. James Singson, CIT,DR
Section 115JSection 14ASection 801BSection 80I

…owance made by the Ld. AO and confirmed by the Ld. CIT(A) under section 115JB of the Act against which the assessee has raised ground No. 3, the Ld. AR relied on the decision of the ITAT, Delhi Special Bench in ACIT vs. Vireet Investment Pvt. Ltd. reported in 165 ITD 27 (Delhi) (SB) and the decision of Hon’ble Karnataka High Court in Shobha Developers Ltd. vs. DCIT (LTU) (2021) 434 ITR 266 (Kar) for the proposition that where disallowance made under section 14A r.w. Rule 8D were deleted, addition for said disallowance cannot be made to book profits under section 115JB of the Act. 16. The Ld. CIT-DR supported the…

Uflex Ltd., New Delhi vs. ACIT, Central Circle- 27, New Delhi

In the result, appeals of the assessee for AY 2011-12 and subsequent

ITA 1570/DEL/2018[2012-13]Status: DisposedITAT Delhi25 Jan 2024AY 2012-13

Bench: N.K. Billaiya & Ms. Astha Chandra

For Appellant: Shri M.P. Rastogi, AdvocateFor Respondent: Shri T. James Singson, CIT,DR
Section 115JSection 14ASection 801BSection 80I

…owance made by the Ld. AO and confirmed by the Ld. CIT(A) under section 115JB of the Act against which the assessee has raised ground No. 3, the Ld. AR relied on the decision of the ITAT, Delhi Special Bench in ACIT vs. Vireet Investment Pvt. Ltd. reported in 165 ITD 27 (Delhi) (SB) and the decision of Hon’ble Karnataka High Court in Shobha Developers Ltd. vs. DCIT (LTU) (2021) 434 ITR 266 (Kar) for the proposition that where disallowance made under section 14A r.w. Rule 8D were deleted, addition for said disallowance cannot be made to book profits under section 115JB of the Act. 16. The Ld. CIT-DR supported the…

Uflex Ltd., New Delhi vs. ACIT, Central Circle- 27, New Delhi

In the result, appeals of the assessee for AY 2011-12 and subsequent

ITA 1569/DEL/2018[2011-12]Status: DisposedITAT Delhi25 Jan 2024AY 2011-12

Bench: N.K. Billaiya & Ms. Astha Chandra

For Appellant: Shri M.P. Rastogi, AdvocateFor Respondent: Shri T. James Singson, CIT,DR
Section 115JSection 14ASection 801BSection 80I

…owance made by the Ld. AO and confirmed by the Ld. CIT(A) under section 115JB of the Act against which the assessee has raised ground No. 3, the Ld. AR relied on the decision of the ITAT, Delhi Special Bench in ACIT vs. Vireet Investment Pvt. Ltd. reported in 165 ITD 27 (Delhi) (SB) and the decision of Hon’ble Karnataka High Court in Shobha Developers Ltd. vs. DCIT (LTU) (2021) 434 ITR 266 (Kar) for the proposition that where disallowance made under section 14A r.w. Rule 8D were deleted, addition for said disallowance cannot be made to book profits under section 115JB of the Act. 16. The Ld. CIT-DR supported the…

Cedar Infonet Pvt. Ltd., New Delhi vs. DCIT, Circle- 5(2), New Delhi

In the result, the appeal of the assessee is partly allowed

ITA 3462/DEL/2018[2012-13]Status: DisposedITAT Delhi18 Jan 2024AY 2012-13

Bench: Shri Kul Bharat & Shri Pradip Kumar Kedia

For Appellant: Shri R.S. Ahuja, CAFor Respondent: Shri T. James Singson, CIT-DR
Section 143(3)Section 14ASection 250Section 36(1)(iii)

…onsonance with the facts on record and the judicial view governing field. The Hon’ble Delhi High Court in PCIT v. Caraf Builders and Constructions Pvt. Ltd. (2019) 414 ITR 122; Special I.T.A. No.3462/Del/2018 7 Bench in ACIT vs. Vireet Investment (P.) Ltd., 165 ITD 27 (SB) have stated that investments which have not yielded any exempt income cannot be taken into account for the purposes of calculating disallowance under Section 14A r.w. Rule 8D of the Income Tax Rules, 1963. 12. In the light of submissions made, the AO is directed to re- compute the disallowance of interest under Rule 8D(2)(ii) with reference t…

Hindustan Petroleum Corp Ltd, Mumbai vs. DCIT 1(1)(2), Mumbai

ITA 3195/MUM/2019[2014-15]Status: DisposedITAT Mumbai16 Jan 2024AY 2014-15

Bench: us. 2.

For Appellant: Shri P.J. PardiwalaFor Respondent: Shri Biswanath Das
Section 143(3)Section 14ASection 14A(2)Section 154Section 250

…0.3. We have heard the rival contention and perused the material on record. 10.4. We note that the CIT(A) has, following the decision of Special Bench of the Tribunal in the case of Assistant Commissioner of Income Tax Vs. Vireet Investment Pvt. Ltd. : [2017] 165 ITD 27 (Delhi –Trib) (SB), concluded as under: ITA Nos. 3195-3196, 3911-3913 & 4579/Mum/2019 & ITA Nos. 266 & 806/Mum/2020 AYs 2014-15, 2015-16 & 2016-17 “14.3 I have considered the A.O.‟s order as well as the appellant‟s submissions. I find that the disallowance made by the Assessing Officer is based on importing the provisions of Section 14A to Sec…

Southern Petrochemical Industries Corporation Limited, Chennai vs. ITO Corporate Ward 3(1), Chennai

The appeal stand allowed accordingly

ITA 95/CHNY/2023[2009-10]Status: DisposedITAT Chennai10 Jan 2024AY 2009-10

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ Ita No.95/Chny/2023 (िनधा)रण वष) / Assessment Year: 2009-10) M/S. Southern Petrochemical Income Tax Officer बनाम Industries Corporation Limited Corporate Ward-3(1) 88, Spic House, Mount Road, Guindy, Chennai-600 034. / Vs. Chennai-600 032. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacs-4668-K (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri R. Vijayaraghavan & Shri Saroj Kumar Parida (Advocates)-Ld. Ars " थ"कीओरसे/Respondent By : Shri Nilay Baran Som (Cit) & Shri Ar V Sreenivasan (Addl. Cit)-Ld. Drs सुनवाईकीतारीख/Date Of Hearing : 16-10-2023 घोषणाकीतारीख /Date Of Pronouncement : 10-01-2023 आदेश / O R D E R

For Appellant: Shri R. Vijayaraghavan & Shri Saroj KumarFor Respondent: Shri Nilay Baran Som (CIT) &
Section 14A

…आयकर अपीलीय अिधकरण “ए” "ायपीठ चे"ई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, CHENNAI माननीय "ी महावीर िसंह, उपा ! एवं माननीय "ी मनोज कुमार अ%वाल ,लेखा सद( के सम!। BEFORE HON’BLE SHRI MAHAVIR SINGH, VP AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM आयकरअपील सं./ ITA No.95/Chny/2023 (िनधा)रण वष) / Assessment Year: 2009-10) M/s. Southern Petrochemical Income Tax Officer बनाम Industries Corporation Limited Corporate Ward-3(1) 88, Spic House, Mount Road, Guindy, Chennai-600 034. / Vs. Chennai-600 032. "थायीलेखासं./जीआइआरसं./PAN/GIR No. AAACS-4668-K (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ"कीओरसे/ Appellan…

Southern Petrochemical Industries Corporation Ltd., Chennai vs. ITO, Chennai

Appeal stands dismissed

ITA 84/CHNY/2023[2008-09]Status: DisposedITAT Chennai10 Jan 2024AY 2008-09

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ Ita No.84/Chny/2023 (िनधा)रण वष) / Assessment Year: 2008-09) M/S. Southern Petrochemical Income Tax Officer बनाम Industries Corporation Limited Corporate Ward-3(1) 88, Spic House, Mount Road, Guindy, Chennai-600 034. / Vs. Chennai-600 032. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacs-4668-K (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri R. Vijayaraghavan & Shri Saroj Kumar Parida (Advocates)-Ld. Ars " थ"कीओरसे/Respondent By : Shri Nilay Baran Som (Cit) & Shri Ar V Sreenivasan (Addl. Cit)-Ld. Drs सुनवाईकीतारीख/Date Of Hearing : 16-10-2023 घोषणाकीतारीख /Date Of Pronouncement : 10-01-2024 आदेश / O R D E R

For Appellant: Shri R. Vijayaraghavan & Shri Saroj KumarFor Respondent: Shri Nilay Baran Som (CIT) &
Section 115JSection 143(3)Section 14ASection 35Section 35(3)Section 43B

…responding grounds stand partly allowed. 3.5 So far as the adjustment of this disallowance u/s 115JB is concerned, we find that this issue is covered in assessee’s favor by the decision of Special bench of Tribunal in the case of Vireet Investments Pvt. Ltd. (165 ITD 27) which held that disallowance u/s 14A r.w.r. 8D has no application while computing the book profit u/s 115JB. Respectfully following the same, we direct Ld. AO not to make this adjustment u/s 115JB. The corresponding grounds raised by the assessee stand allowed. 4. Disallowance of proportionate Interest Expenditure 4.1 The assessee claimed intere…

Crisil Ltd, Mumbai vs. Asst CIT RG 9(2)(2), Mumbai

In the result the issue under consideration is remitted back to the file of Assessing Officer for statistical purpose

ITA 1114/MUM/2015[2010-11]Status: DisposedITAT Mumbai10 Jan 2024AY 2010-11

Bench: Shri Aby T Varkey, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

Section 133(6)Section 144C(5)

…sidered for making disallowances are only on those investments which has actually earned the dividend. So far as disallowance of other administrative expenditure is considered, it is observed that Hon'ble Delhi ITAT in the case of Vireet Investment Pvt. Ltd. [165 ITD 27] has held as under: “Section 14A of the Income-tax Act, 1961 read with rule 8D of the Income-tax Rules, 1962 - Expenditure incurred in relation to exempt income not includible in total income - Assessment year 2008-09 - Whether only those investments are to be considered for computing average value of investment which yielded exempt income during…