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.

Kansai Nerolac Paints Limited (Erstwhile Known As Goodlass Nerolac Paints Limited), Mumbai vs. Addl. CIT, Range 6 (2), Mumbai

Accordingly we see no infirmity in the decision of CIT(A) and uphold the decision of the CIT(A). This ground of the revenue is dismissed

ITA 3385/MUM/2014[2009-10]Status: DisposedITAT Mumbai04 Dec 2023AY 2009-10

Bench: Shri Amit Shukla () & Ms. Padmavathy S. ()

Section 115Section 143(2)Section 145ASection 35DSection 36(1)(va)Section 40

…h regard to the disallowance made under Rule 8D(2)(iii) the ld AR submitted that the investments that have yielded exempt income alone can be considered. The ld AR placed reliance on the decision of Hon’ble ITAT Special Bench in Vireet Investments reported in 165 ITD 27. The ld AR also prayed that the investments in Growth Funds to be excluded while calculating the disallowance under rule 8D(2)(iii) and in this regard relied on the decision of the coordinate bench in the case of Manugraph Industries ITA No.4761/M/2013 (Ann.A)[2023] 151 taxmann.com 250 (Mumbai). Accordingly the ld AR submitted that the disallowanc…

Kansai Nerolac Paints Limited (Erstwhile Known As Goodlass Nerolac Paints Limited), Mumbai vs. Addl CIT, Range 6 (2), Mumbai

Accordingly we see no infirmity in the decision of CIT(A) and uphold the decision of the CIT(A). This ground of the revenue is dismissed

ITA 3384/MUM/2014[2008-09]Status: DisposedITAT Mumbai04 Dec 2023AY 2008-09

Bench: Shri Amit Shukla () & Ms. Padmavathy S. ()

Section 115Section 143(2)Section 145ASection 35DSection 36(1)(va)Section 40

…h regard to the disallowance made under Rule 8D(2)(iii) the ld AR submitted that the investments that have yielded exempt income alone can be considered. The ld AR placed reliance on the decision of Hon’ble ITAT Special Bench in Vireet Investments reported in 165 ITD 27. The ld AR also prayed that the investments in Growth Funds to be excluded while calculating the disallowance under rule 8D(2)(iii) and in this regard relied on the decision of the coordinate bench in the case of Manugraph Industries ITA No.4761/M/2013 (Ann.A)[2023] 151 taxmann.com 250 (Mumbai). Accordingly the ld AR submitted that the disallowanc…

Thomas Cook (India) Ltd., Mumbai vs. Addl/ Jt/ Dy/CIT/Asstt/ITO, National E-Assessment Centre, Delhi

In the result, appeal filed by the assessee is partly allowed

ITA 1218/MUM/2021[2016-17]Status: DisposedITAT Mumbai24 Nov 2023AY 2016-17

Bench: Shri S. Rifaur Rahman, Hon'Ble & Ms. Kavitha Rajagopal, Hon'Ble

Section 92CSection 92C(3)

…settled as far as assessee is concerned that the 14A disallowance cannot be part of clause (f) of Explanation (ii) of section 115JB of the Act. We observe that the Delhi Special Bench of the Tribunal in the case of ACIT v. Vireet Investments Private Limited [165 ITD 27] held that the computation under clause (f) of Explanation 1 to section 115JB(2) is to be made without resorting to the computation as contemplated u/s. 14A r.w. Rule 8D of the I.T Rules, 1962. Thus respectfully following the said decision, we direct assessing officer to delete the above adjustment made in the book profit u/s 115JB of the Act. Thi…

DCIT (Ltu), New Delhi vs. M/S Dalmia Bharat Sugar and Industries Ltd., New Delhi

In the result, appeals of the Revenue for AY 2009-10 to 2010-

ITA 5677/DEL/2016[2011-12]Status: DisposedITAT Delhi14 Nov 2023AY 2011-12

Bench: Shri Challa Nagendra Prasad & Shri M Balaganeshआ.अ.सं/.I.T.A Nos.4317/Del/2014 िनधा"रणवष"/Assessment Year:2008-09 बनाम Dcit (Ltu) Dalmia Cement (Bharat)Ltd. Nbcc Plaza, Pushp Vihar, Vs. (Now Known As M/S Dalmia Sector-Iii, New Delhi. Bharat Sugar & Industries Ltd.) 11Th & 12Th Floors, Hansalaya, 15, Barakhamba Road, New Delhi. Pan No. Aaacd2281K अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A Nos.4338/Del/2014 िनधा"रणवष"/Assessment Year:2008-09 बनाम Dalmia Cement (Bharat)Ltd. Dcit (Ltu) (Now Known As M/S Dalmia Bharat Vs. Nbcc Plaza, Pushp Sugar & Industries Ltd.) Vihar, 11Th & 12Th Floors, Sector-Iii, New Delhi. Hansalaya, 15, Barakhamba Road, New Delhi. Pan No. Aaacd2281K अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A Nos.4447/Del/2014 िनधा"रणवष"/Assessment Year:2009-10 बनाम Dcit (Ltu) Dalmia Cement (Bharat)Ltd. Nbcc Plaza, Pushp Vihar, Vs. (Now Known As M/S Dalmia Sector-Iii, New Delhi. Bharat Sugar & Industries Ltd.) 11Th & 12Th Floors, Hansalaya, 15, Barakhamba Road, New Delhi. Pan No. Aaacd2281K अपीलाथ" Appellant ""यथ"/Respondent

Section 80I

…disallowance made u/s 14A read with Rule 8D while computing the book profits u/s 115JB of the Act, we find that the issue is squarely covered by the decision of the Hon’ble Spl. Bench of Delhi Tribunal in the case of ACIT Vs. Vireet Investments Pvt. Ltd. (165 ITD 27), wherein it has been held that the computation under clause (f) of Explanation 1 to section 115JB(2) is to be made without resorting to the computation as contemplated u/s 14A read with Rule 8D of the Income Tax Rules, 1962. Thus, respectfully following the Spl. Bench decision, we restore the issue of disallowance u/s 14A while computing the…

Dalmia Bharat Sugar and Industries Ltd., New Delhi vs. DCIT (Ltu), New Delhi

In the result, appeals of the Revenue for AY 2009-10 to 2010-

ITA 5019/DEL/2016[2011-12]Status: DisposedITAT Delhi14 Nov 2023AY 2011-12

Bench: Shri Challa Nagendra Prasad & Shri M Balaganeshआ.अ.सं/.I.T.A Nos.4317/Del/2014 िनधा"रणवष"/Assessment Year:2008-09 बनाम Dcit (Ltu) Dalmia Cement (Bharat)Ltd. Nbcc Plaza, Pushp Vihar, Vs. (Now Known As M/S Dalmia Sector-Iii, New Delhi. Bharat Sugar & Industries Ltd.) 11Th & 12Th Floors, Hansalaya, 15, Barakhamba Road, New Delhi. Pan No. Aaacd2281K अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A Nos.4338/Del/2014 िनधा"रणवष"/Assessment Year:2008-09 बनाम Dalmia Cement (Bharat)Ltd. Dcit (Ltu) (Now Known As M/S Dalmia Bharat Vs. Nbcc Plaza, Pushp Sugar & Industries Ltd.) Vihar, 11Th & 12Th Floors, Sector-Iii, New Delhi. Hansalaya, 15, Barakhamba Road, New Delhi. Pan No. Aaacd2281K अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A Nos.4447/Del/2014 िनधा"रणवष"/Assessment Year:2009-10 बनाम Dcit (Ltu) Dalmia Cement (Bharat)Ltd. Nbcc Plaza, Pushp Vihar, Vs. (Now Known As M/S Dalmia Sector-Iii, New Delhi. Bharat Sugar & Industries Ltd.) 11Th & 12Th Floors, Hansalaya, 15, Barakhamba Road, New Delhi. Pan No. Aaacd2281K अपीलाथ" Appellant ""यथ"/Respondent

Section 80I

…disallowance made u/s 14A read with Rule 8D while computing the book profits u/s 115JB of the Act, we find that the issue is squarely covered by the decision of the Hon’ble Spl. Bench of Delhi Tribunal in the case of ACIT Vs. Vireet Investments Pvt. Ltd. (165 ITD 27), wherein it has been held that the computation under clause (f) of Explanation 1 to section 115JB(2) is to be made without resorting to the computation as contemplated u/s 14A read with Rule 8D of the Income Tax Rules, 1962. Thus, respectfully following the Spl. Bench decision, we restore the issue of disallowance u/s 14A while computing the…

DCIT (Ltu), New Delhi vs. M/S. Dalmia Bharat Sugar & Industries Ltd., New Delhi

In the result, appeals of the Revenue for AY 2009-10 to 2010-

ITA 4572/DEL/2014[2010-11]Status: DisposedITAT Delhi14 Nov 2023AY 2010-11

Bench: Shri Challa Nagendra Prasad & Shri M Balaganeshआ.अ.सं/.I.T.A Nos.4317/Del/2014 िनधा"रणवष"/Assessment Year:2008-09 बनाम Dcit (Ltu) Dalmia Cement (Bharat)Ltd. Nbcc Plaza, Pushp Vihar, Vs. (Now Known As M/S Dalmia Sector-Iii, New Delhi. Bharat Sugar & Industries Ltd.) 11Th & 12Th Floors, Hansalaya, 15, Barakhamba Road, New Delhi. Pan No. Aaacd2281K अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A Nos.4338/Del/2014 िनधा"रणवष"/Assessment Year:2008-09 बनाम Dalmia Cement (Bharat)Ltd. Dcit (Ltu) (Now Known As M/S Dalmia Bharat Vs. Nbcc Plaza, Pushp Sugar & Industries Ltd.) Vihar, 11Th & 12Th Floors, Sector-Iii, New Delhi. Hansalaya, 15, Barakhamba Road, New Delhi. Pan No. Aaacd2281K अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A Nos.4447/Del/2014 िनधा"रणवष"/Assessment Year:2009-10 बनाम Dcit (Ltu) Dalmia Cement (Bharat)Ltd. Nbcc Plaza, Pushp Vihar, Vs. (Now Known As M/S Dalmia Sector-Iii, New Delhi. Bharat Sugar & Industries Ltd.) 11Th & 12Th Floors, Hansalaya, 15, Barakhamba Road, New Delhi. Pan No. Aaacd2281K अपीलाथ" Appellant ""यथ"/Respondent

Section 80I

…disallowance made u/s 14A read with Rule 8D while computing the book profits u/s 115JB of the Act, we find that the issue is squarely covered by the decision of the Hon’ble Spl. Bench of Delhi Tribunal in the case of ACIT Vs. Vireet Investments Pvt. Ltd. (165 ITD 27), wherein it has been held that the computation under clause (f) of Explanation 1 to section 115JB(2) is to be made without resorting to the computation as contemplated u/s 14A read with Rule 8D of the Income Tax Rules, 1962. Thus, respectfully following the Spl. Bench decision, we restore the issue of disallowance u/s 14A while computing the…

DCIT(Ltu), New Delhi vs. M/S. Dalmia Bharat Sugar & Industries Ltd., New Delhi

In the result, appeals of the Revenue for AY 2009-10 to 2010-

ITA 4447/DEL/2014[2009-10]Status: DisposedITAT Delhi14 Nov 2023AY 2009-10

Bench: Shri Challa Nagendra Prasad & Shri M Balaganeshआ.अ.सं/.I.T.A Nos.4317/Del/2014 िनधा"रणवष"/Assessment Year:2008-09 बनाम Dcit (Ltu) Dalmia Cement (Bharat)Ltd. Nbcc Plaza, Pushp Vihar, Vs. (Now Known As M/S Dalmia Sector-Iii, New Delhi. Bharat Sugar & Industries Ltd.) 11Th & 12Th Floors, Hansalaya, 15, Barakhamba Road, New Delhi. Pan No. Aaacd2281K अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A Nos.4338/Del/2014 िनधा"रणवष"/Assessment Year:2008-09 बनाम Dalmia Cement (Bharat)Ltd. Dcit (Ltu) (Now Known As M/S Dalmia Bharat Vs. Nbcc Plaza, Pushp Sugar & Industries Ltd.) Vihar, 11Th & 12Th Floors, Sector-Iii, New Delhi. Hansalaya, 15, Barakhamba Road, New Delhi. Pan No. Aaacd2281K अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A Nos.4447/Del/2014 िनधा"रणवष"/Assessment Year:2009-10 बनाम Dcit (Ltu) Dalmia Cement (Bharat)Ltd. Nbcc Plaza, Pushp Vihar, Vs. (Now Known As M/S Dalmia Sector-Iii, New Delhi. Bharat Sugar & Industries Ltd.) 11Th & 12Th Floors, Hansalaya, 15, Barakhamba Road, New Delhi. Pan No. Aaacd2281K अपीलाथ" Appellant ""यथ"/Respondent

Section 80I

…disallowance made u/s 14A read with Rule 8D while computing the book profits u/s 115JB of the Act, we find that the issue is squarely covered by the decision of the Hon’ble Spl. Bench of Delhi Tribunal in the case of ACIT Vs. Vireet Investments Pvt. Ltd. (165 ITD 27), wherein it has been held that the computation under clause (f) of Explanation 1 to section 115JB(2) is to be made without resorting to the computation as contemplated u/s 14A read with Rule 8D of the Income Tax Rules, 1962. Thus, respectfully following the Spl. Bench decision, we restore the issue of disallowance u/s 14A while computing the…

Dalmia Bharat Sugar and Industries Ltd., New Delhi vs. DCIT (Ltu), New Delhi

In the result, appeals of the Revenue for AY 2009-10 to 2010-

ITA 4394/DEL/2014[2010-11]Status: DisposedITAT Delhi14 Nov 2023AY 2010-11

Bench: Shri Challa Nagendra Prasad & Shri M Balaganeshआ.अ.सं/.I.T.A Nos.4317/Del/2014 िनधा"रणवष"/Assessment Year:2008-09 बनाम Dcit (Ltu) Dalmia Cement (Bharat)Ltd. Nbcc Plaza, Pushp Vihar, Vs. (Now Known As M/S Dalmia Sector-Iii, New Delhi. Bharat Sugar & Industries Ltd.) 11Th & 12Th Floors, Hansalaya, 15, Barakhamba Road, New Delhi. Pan No. Aaacd2281K अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A Nos.4338/Del/2014 िनधा"रणवष"/Assessment Year:2008-09 बनाम Dalmia Cement (Bharat)Ltd. Dcit (Ltu) (Now Known As M/S Dalmia Bharat Vs. Nbcc Plaza, Pushp Sugar & Industries Ltd.) Vihar, 11Th & 12Th Floors, Sector-Iii, New Delhi. Hansalaya, 15, Barakhamba Road, New Delhi. Pan No. Aaacd2281K अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A Nos.4447/Del/2014 िनधा"रणवष"/Assessment Year:2009-10 बनाम Dcit (Ltu) Dalmia Cement (Bharat)Ltd. Nbcc Plaza, Pushp Vihar, Vs. (Now Known As M/S Dalmia Sector-Iii, New Delhi. Bharat Sugar & Industries Ltd.) 11Th & 12Th Floors, Hansalaya, 15, Barakhamba Road, New Delhi. Pan No. Aaacd2281K अपीलाथ" Appellant ""यथ"/Respondent

Section 80I

…disallowance made u/s 14A read with Rule 8D while computing the book profits u/s 115JB of the Act, we find that the issue is squarely covered by the decision of the Hon’ble Spl. Bench of Delhi Tribunal in the case of ACIT Vs. Vireet Investments Pvt. Ltd. (165 ITD 27), wherein it has been held that the computation under clause (f) of Explanation 1 to section 115JB(2) is to be made without resorting to the computation as contemplated u/s 14A read with Rule 8D of the Income Tax Rules, 1962. Thus, respectfully following the Spl. Bench decision, we restore the issue of disallowance u/s 14A while computing the…

Dalmia Bharat Sugar and Industries Ltd., New Delhi vs. DCIT (Ltu), New Delhi

In the result, appeals of the Revenue for AY 2009-10 to 2010-

ITA 4393/DEL/2014[2009-10]Status: DisposedITAT Delhi14 Nov 2023AY 2009-10

Bench: Shri Challa Nagendra Prasad & Shri M Balaganeshआ.अ.सं/.I.T.A Nos.4317/Del/2014 िनधा"रणवष"/Assessment Year:2008-09 बनाम Dcit (Ltu) Dalmia Cement (Bharat)Ltd. Nbcc Plaza, Pushp Vihar, Vs. (Now Known As M/S Dalmia Sector-Iii, New Delhi. Bharat Sugar & Industries Ltd.) 11Th & 12Th Floors, Hansalaya, 15, Barakhamba Road, New Delhi. Pan No. Aaacd2281K अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A Nos.4338/Del/2014 िनधा"रणवष"/Assessment Year:2008-09 बनाम Dalmia Cement (Bharat)Ltd. Dcit (Ltu) (Now Known As M/S Dalmia Bharat Vs. Nbcc Plaza, Pushp Sugar & Industries Ltd.) Vihar, 11Th & 12Th Floors, Sector-Iii, New Delhi. Hansalaya, 15, Barakhamba Road, New Delhi. Pan No. Aaacd2281K अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A Nos.4447/Del/2014 िनधा"रणवष"/Assessment Year:2009-10 बनाम Dcit (Ltu) Dalmia Cement (Bharat)Ltd. Nbcc Plaza, Pushp Vihar, Vs. (Now Known As M/S Dalmia Sector-Iii, New Delhi. Bharat Sugar & Industries Ltd.) 11Th & 12Th Floors, Hansalaya, 15, Barakhamba Road, New Delhi. Pan No. Aaacd2281K अपीलाथ" Appellant ""यथ"/Respondent

Section 80I

…disallowance made u/s 14A read with Rule 8D while computing the book profits u/s 115JB of the Act, we find that the issue is squarely covered by the decision of the Hon’ble Spl. Bench of Delhi Tribunal in the case of ACIT Vs. Vireet Investments Pvt. Ltd. (165 ITD 27), wherein it has been held that the computation under clause (f) of Explanation 1 to section 115JB(2) is to be made without resorting to the computation as contemplated u/s 14A read with Rule 8D of the Income Tax Rules, 1962. Thus, respectfully following the Spl. Bench decision, we restore the issue of disallowance u/s 14A while computing the…

M/S. Dalmia Bharat Sugar and Industries Limited, New Delhi vs. DCIT, New Delhi

In the result, appeals of the Revenue for AY 2009-10 to 2010-

ITA 4338/DEL/2014[2008-09]Status: DisposedITAT Delhi14 Nov 2023AY 2008-09

Bench: Shri Challa Nagendra Prasad & Shri M Balaganeshआ.अ.सं/.I.T.A Nos.4317/Del/2014 िनधा"रणवष"/Assessment Year:2008-09 बनाम Dcit (Ltu) Dalmia Cement (Bharat)Ltd. Nbcc Plaza, Pushp Vihar, Vs. (Now Known As M/S Dalmia Sector-Iii, New Delhi. Bharat Sugar & Industries Ltd.) 11Th & 12Th Floors, Hansalaya, 15, Barakhamba Road, New Delhi. Pan No. Aaacd2281K अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A Nos.4338/Del/2014 िनधा"रणवष"/Assessment Year:2008-09 बनाम Dalmia Cement (Bharat)Ltd. Dcit (Ltu) (Now Known As M/S Dalmia Bharat Vs. Nbcc Plaza, Pushp Sugar & Industries Ltd.) Vihar, 11Th & 12Th Floors, Sector-Iii, New Delhi. Hansalaya, 15, Barakhamba Road, New Delhi. Pan No. Aaacd2281K अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A Nos.4447/Del/2014 िनधा"रणवष"/Assessment Year:2009-10 बनाम Dcit (Ltu) Dalmia Cement (Bharat)Ltd. Nbcc Plaza, Pushp Vihar, Vs. (Now Known As M/S Dalmia Sector-Iii, New Delhi. Bharat Sugar & Industries Ltd.) 11Th & 12Th Floors, Hansalaya, 15, Barakhamba Road, New Delhi. Pan No. Aaacd2281K अपीलाथ" Appellant ""यथ"/Respondent

Section 80I

…disallowance made u/s 14A read with Rule 8D while computing the book profits u/s 115JB of the Act, we find that the issue is squarely covered by the decision of the Hon’ble Spl. Bench of Delhi Tribunal in the case of ACIT Vs. Vireet Investments Pvt. Ltd. (165 ITD 27), wherein it has been held that the computation under clause (f) of Explanation 1 to section 115JB(2) is to be made without resorting to the computation as contemplated u/s 14A read with Rule 8D of the Income Tax Rules, 1962. Thus, respectfully following the Spl. Bench decision, we restore the issue of disallowance u/s 14A while computing the…

DCIT (Ltu), New Delhi vs. M/S. Dalmia Cement (Bharat) Ltd., New Delhi

In the result, appeals of the Revenue for AY 2009-10 to 2010-

ITA 4317/DEL/2014[2008-09]Status: DisposedITAT Delhi14 Nov 2023AY 2008-09

Bench: Shri Challa Nagendra Prasad & Shri M Balaganeshआ.अ.सं/.I.T.A Nos.4317/Del/2014 िनधा"रणवष"/Assessment Year:2008-09 बनाम Dcit (Ltu) Dalmia Cement (Bharat)Ltd. Nbcc Plaza, Pushp Vihar, Vs. (Now Known As M/S Dalmia Sector-Iii, New Delhi. Bharat Sugar & Industries Ltd.) 11Th & 12Th Floors, Hansalaya, 15, Barakhamba Road, New Delhi. Pan No. Aaacd2281K अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A Nos.4338/Del/2014 िनधा"रणवष"/Assessment Year:2008-09 बनाम Dalmia Cement (Bharat)Ltd. Dcit (Ltu) (Now Known As M/S Dalmia Bharat Vs. Nbcc Plaza, Pushp Sugar & Industries Ltd.) Vihar, 11Th & 12Th Floors, Sector-Iii, New Delhi. Hansalaya, 15, Barakhamba Road, New Delhi. Pan No. Aaacd2281K अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A Nos.4447/Del/2014 िनधा"रणवष"/Assessment Year:2009-10 बनाम Dcit (Ltu) Dalmia Cement (Bharat)Ltd. Nbcc Plaza, Pushp Vihar, Vs. (Now Known As M/S Dalmia Sector-Iii, New Delhi. Bharat Sugar & Industries Ltd.) 11Th & 12Th Floors, Hansalaya, 15, Barakhamba Road, New Delhi. Pan No. Aaacd2281K अपीलाथ" Appellant ""यथ"/Respondent

Section 80I

…disallowance made u/s 14A read with Rule 8D while computing the book profits u/s 115JB of the Act, we find that the issue is squarely covered by the decision of the Hon’ble Spl. Bench of Delhi Tribunal in the case of ACIT Vs. Vireet Investments Pvt. Ltd. (165 ITD 27), wherein it has been held that the computation under clause (f) of Explanation 1 to section 115JB(2) is to be made without resorting to the computation as contemplated u/s 14A read with Rule 8D of the Income Tax Rules, 1962. Thus, respectfully following the Spl. Bench decision, we restore the issue of disallowance u/s 14A while computing the…

Deputy Commissioner of Income Tax CC-7(3), Mumbai vs. M/S Macrotech Developers Limited (Formerly Known As Lodha Developers Pvt Ltd) (Successoer of M/S Bellissimo Crown Buildmart Pvt Ltd ), Mumbai

Accordingly should be allowed as a deduction

ITA 2383/MUM/2022[2016-17]Status: DisposedITAT Mumbai08 Nov 2023AY 2016-17

Bench: Shri Kuldip Singh () & Ms. Padmavathy S. ()

Section 115JSection 14ASection 92C

…, which are in excess of investments related to exempt income and accordingly deleted the addition. With regard to the disallowance under section 8D(2)(iii), the CIT(A) relied on the decision of Special Bench in the case of Vireet Investments Private Limited (165 ITD 27 (Del)(SB)) wherein it was held that for the purpose of disallowance, the investments yielding exempt income only should be considered. Accordingly, the CIT(A) directed the Assessing Officer to re-compute the disallowance. In so far as the disallowance being considered for computing book profit under section 115JB, the CIT(A) held that the same cou…

Deputy Commissioner of Income Tax, CC-7(3), Mumbai vs. M/S Macrotech Developers Limited, Mumbai

Accordingly should be allowed as a deduction

ITA 2382/MUM/2022[2016-17]Status: DisposedITAT Mumbai08 Nov 2023AY 2016-17

Bench: Shri Kuldip Singh () & Ms. Padmavathy S. ()

Section 115JSection 14ASection 92C

…, which are in excess of investments related to exempt income and accordingly deleted the addition. With regard to the disallowance under section 8D(2)(iii), the CIT(A) relied on the decision of Special Bench in the case of Vireet Investments Private Limited (165 ITD 27 (Del)(SB)) wherein it was held that for the purpose of disallowance, the investments yielding exempt income only should be considered. Accordingly, the CIT(A) directed the Assessing Officer to re-compute the disallowance. In so far as the disallowance being considered for computing book profit under section 115JB, the CIT(A) held that the same cou…

M/S T vs. Motor Company Limited, Chennai

In the result, the appeal filed by the Revenue in IT(TP)A No

ITA 2404/CHNY/2019[2013-14]Status: DisposedITAT Chennai20 Oct 2023AY 2013-14

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwal

For Appellant: Shri Vikram Vijayaraghavan, AdvocateFor Respondent: Shri A. Sasikumar, CIT
Section 143(3)Section 92BSection 92C

…आयकर अपीलीय अिधकरण, ‘डी’ "ायपीठ, चे"ई IN THE INCOME TAX APPELLATE TRIBUNAL ‘D’ BENCH, CHENNAI "ी महावीर िसंह, उपा"" एवं "ी मनोज कुमार अ"वाल, लेखा सद" के सम" BEFORE SHRI MAHAVIR SINGH, VICE PRESIDENTAND SHRI MANOJ KUMAR AGGARWAL, ACCOUNTANT MEMBER आयकरअपीलसं./IT(TP)A No.:66/CHNY/2019 िनधा"रण वष"/Assessment Year: 2013 - 14 The DCIT, TVS Motor Company Ltd., Corporate Circle 3(1), vs. No.29/8, Jayalakshmi Estates, Chennai. Haddows Road, Nungambakkam, Chennai – 600 006. PAN: AAACS 7032B (अपीलाथ"/Appellant) (""थ"/Respondent) & आयकरअपीलसं./ITA No.: 2404/CHNY/2019 िनधा"रण वष"/Assessment Year: 2013 - 14 TVS Motor Comp…

M/S. Bharat Electronics Limited, Bangalore vs. Assistant Commissioner of Income Tax, Ltu, Circle-1, Bengaluru

In the result, the appeal filed by the assessee is allowed for statistical purposes

ITA 394/BANG/2023[2012-13]Status: DisposedITAT Bangalore29 Sept 2023AY 2012-13

Bench: Shri George George K, Vice- & Shri Laxmi Prasad Sahuassessment Year : 2012-13 M/S. Bharat Electronics The Assistant Ltd., Commissioner Of Registered Office, Income Tax, Outer Ring Road Ltu, Nagawara, Circle – 1, Vs. Bangalore – 560 045. Bangalore. Pan: Aaacb5985C Appellant Respondent

For Appellant: Smt. Richa .B, CAFor Respondent: Shri Manoj Kumar, CIT-DR
Section 14ASection 43A

…allowance:  Welspun India Ltd. v. Dy. CIT (2019) 69 ITR 617 (Mum) (Trib.)  PTC India Ltd. v. DCIT (2019) 69 ITR 37(SN.) (Delhi) (Trib.)  ACIT v. Paras Buildtech (India) (P.) Ltd. (2018)62 ITR 284 (Delhi) (Trib.)  ACIT v. Vireet Investment Pvt. Ltd. (2017) 165 ITD 27 / 58 ITR 313 / 154 DTR 241 / 188 TTJ 1 (SB) (Delhi) (Trib.)  Dy.CIT v. Diamond Co. Ltd. (2017) 162 ITD 131 (Kol.) (Trib.)  Yashoda Health Care Services P. Ltd. v. DCIT (2017) 54 ITR 26 (Hyd.) (Trib.)  Electrosteel Castings Ltd. v. DCIT (2017) 53 ITR 5 (Kol.) (Trib.) 7. While calculating the disallowance under section 14A, only the investments t…

M/S. Canara Bank (Erstwhile Syndicate Bank), Bangalore vs. The Deputy Commissioner of Income Tax, Circle-2(1)(1), Bangalore

ITA 389/BANG/2023[2015-16]Status: DisposedITAT Bangalore26 Sept 2023AY 2015-16

Bench: Shri George George K. & Shri Laxmi Prasad Sahu

For Appellant: Shri S. Ananthan, CAFor Respondent: Ms. Neera Malhotra, CIT(DR)(ITAT), Bengaluru
Section 115JSection 147Section 250Section 36(1)(viia)Section 5

…(8) TMI 451 - Gujarat High Court 16. Torrent Private Limited 2019 (6) TMI 709 - GUJARAT HIGH COURT 17. Gokaldas Images [2020] 429 ITR 526 (Kar) 18. Canara Bank (erstwhile Syndicate 2022 (1) TMI 124 - ITAT Bank) BENGALURU 19. Vireet Investment (P.) Ltd [2017] 165 ITD 27 (Delhi - Trib.) (SB) 8. The ld. DR relied on the orders of lower authorities. She submitted that the disallowance calculated u/s. 36(1)(viia) is within the framework of the Income-tax Act and the language is very clear. The CIT(Appeals) has rightly decided the issue. Further in respect of applicability of provisions of section 115JB, she submitte…

M/S. Canara Bank (Erstwhile Syndicate Bank), Bangalore vs. The Deputy Commissioner of Income Tax, Circle-2(1)(1), Bangalore

ITA 388/BANG/2023[2014-15]Status: DisposedITAT Bangalore26 Sept 2023AY 2014-15

Bench: Shri George George K. & Shri Laxmi Prasad Sahu

For Appellant: Shri S. Ananthan, CAFor Respondent: Ms. Neera Malhotra, CIT(DR)(ITAT), Bengaluru
Section 115JSection 147Section 250Section 36(1)(viia)Section 5

…(8) TMI 451 - Gujarat High Court 16. Torrent Private Limited 2019 (6) TMI 709 - GUJARAT HIGH COURT 17. Gokaldas Images [2020] 429 ITR 526 (Kar) 18. Canara Bank (erstwhile Syndicate 2022 (1) TMI 124 - ITAT Bank) BENGALURU 19. Vireet Investment (P.) Ltd [2017] 165 ITD 27 (Delhi - Trib.) (SB) 8. The ld. DR relied on the orders of lower authorities. She submitted that the disallowance calculated u/s. 36(1)(viia) is within the framework of the Income-tax Act and the language is very clear. The CIT(Appeals) has rightly decided the issue. Further in respect of applicability of provisions of section 115JB, she submitte…

M/S. Classic Citi Investments Private Limited, Pune vs. The Income Tax Officer, Ward-1(2), Pune

In the result, the appeal for the A

ITA 436/PUN/2023[2017-18]Status: HeardITAT Pune21 Sept 2023AY 2017-18

Bench: Shri R.S. Syal & Shri Partha Sarathi Chaudhury

Section 250

…of Rule 8D(2)(iii), should be confined to those securities in respect of which exempt income is earned and not the total investments. Similar view has been taken by the Special Bench of the Tribunal in the case of ACIT vs. Vireet Investments (P) Ltd. (2017) 165 ITD 27 (Del) (SB). The ratio of these decisions apply directly to rule 8D(2)(ii) as well. In that view of the matter, the investment in Equity shares of Diana needs to be Classic Citi Investments Pvt. Ltd. excluded both from the opening and closing balances of investments for working out the average value of investments to find out the amount of inter…

M/S. Classic Citi Investments Private Limited, Pune vs. The Income Tax Officer, Ward-1(2), Pune

In the result, the appeal for the A

ITA 435/PUN/2023[2016-17]Status: HeardITAT Pune21 Sept 2023AY 2016-17

Bench: Shri R.S. Syal & Shri Partha Sarathi Chaudhury

Section 250

…of Rule 8D(2)(iii), should be confined to those securities in respect of which exempt income is earned and not the total investments. Similar view has been taken by the Special Bench of the Tribunal in the case of ACIT vs. Vireet Investments (P) Ltd. (2017) 165 ITD 27 (Del) (SB). The ratio of these decisions apply directly to rule 8D(2)(ii) as well. In that view of the matter, the investment in Equity shares of Diana needs to be Classic Citi Investments Pvt. Ltd. excluded both from the opening and closing balances of investments for working out the average value of investments to find out the amount of inter…

DCIT-CC-27, New Delhi vs. Anshika Consultants Pvt Ltd., New Delhi

In the result, Appeal of the Revenue is partly allowed for

ITA 35/DEL/2022[2015-16]Status: DisposedITAT Delhi13 Sept 2023AY 2015-16

Bench: Or At The Time Of Hearing Of The Appeal.” Cross Objection

Section 115JSection 136(6)Section 143(3)Section 14ASection 68

…ompanies resulting into exempt income during the year under consideration should be considered for the purposes of disallowance u/s 14A r.w.r. 8D, relying upon the decision of Hon'ble Jurisdictional ITAT in the case of ACIT Vs Vireet Investment Put Ltd (2017) 58 ITR (Trib) 313 (Del) (SB) which is binding on me. This view is further supported by the decisions of the jurisdictional High Court in the case of ACB India Ltd Vs ACIT (2015) 62 taxmann.com 71 (Del) and PCIT Vs Caraf Builders and Constructions Pvt Ltd (2019) 101 taxmann.com 167 (Del), wherein it has been held that for computing disallowance under clause (…