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 371,239 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. Mercator Ltd, Mumbai vs. The Dy CIT 5(2), Mumbai

In the result, the appeal filed by the revenue and CO by the asssessee are dismissed and the asseessee appeal is allowed for statistical purposes

ITA 7278/MUM/2017[2010-11]Status: DisposedITAT Mumbai21 Dec 2022AY 2010-11

Bench: Shri Baskaran Br & Shri Pavan Kumar Gadaleita No. 7278/Mum/2017 (A.Y: 2010-11) & Co No. 21/Mum/2019 (2010-11) (Arising Out Of Ita No. 29/Mum/2018) Mercator Ltd Vs. Dcit 3Rd Floor, Mittal Tower- Range 5(2) B Wing, Nariman Point Aayakar Bhavan, Mk Mumbai- 400021. Road, Mumbai-400020. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacm5007A Appellant .. Respondent Dy. Cit Vs. Mercator Lines Ltd Range 5(2)(2), Rno.571 3Rd Floor, Mittal Tower- Aayakar Bhavan, Mk B Wing, Nariman Point Road, Mumbai – 400 021. Mumbai - 400020. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacm5007A Appellant .. Respondent Assessee By : Mr.Nikhil Tiwari.Ar Revenue By : Mr.Krishnakumarmishra.Dr Date Of Hearing 30.11.2022 Date Of Pronouncement 22.12.2022 आदेश / O R D E R Per Pavan Kumar Gadale Jm: 29/Mum/2018 & Co No. 21/Mum/2019 M/S. Mercator Ltd, Mumbai. The Cross Appeal Is Filed By The Assessee & The Revenue Against The Order Of The Commissioner Of Income Tax (Appeals) (Cit(A))-57, Mumbai Passed U/S 250 Of The Act & The Assessee Has Filed The Cross Objection(Co) In The Revenue Appeal.

For Appellant: Mr.Nikhil Tiwari.ARFor Respondent: Mr.KrishnaKumarMishra.DR
Section 143(3)Section 14ASection 250

…ted the availability of substantial own funds in the financial statements for making the investments. But the A.O. has to verify and examine the evidences considering the judicial decisions and also the ratio of decision of Vireet Investment Pvt Ltd Vs. ACIT, 165 ITD 27 (Delhi SB) where only those investments which yield exempted income are considered for computing the average value of investments in respect of computing the disallowance under rule 8D(2)(iii) of the IT Rules. 13. We considering the facts and law discussed shall restore the disputed issue to the file of the AO to verify, examine and consider the…

Apollo International Ltd., New Delhi vs. DCIT, Circle- 3(1), New Delhi

In the result, the appeal of the assessee in ITA No

ITA 6089/DEL/2017[2014-15]Status: DisposedITAT Delhi02 Dec 2022AY 2014-15

Bench: Shri Chandra Mohan Garg & Shri N.K. Billaiya

For Appellant: Shri Manu K. Giri, AdvFor Respondent: Shri Kanv Bali, Sr. DR
Section 14ASection 37(2)

…IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI ‘A’ BENCH, NEW DELHI BEFORE SHRI CHANDRA MOHAN GARG, JUDICIAL MEMBER, AND SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER ITA No. 6089/DEL/2017 [A.Y 2014-15] M/s Apollo International Limited Vs. The Dy. C.I.T Office No. 303, 3rd Floor Circle -3(1) DLF Courtyard, Saket New Delhi New Delhi PAN: AAAACA 6447 N (Applicant) (Respondent) Assessee By : Shri Manu K. Giri, Adv Department By : Shri Kanv Bali, Sr. DR Date of Hearing : 05.12.2022 Date of Pronouncement : 08.12.2022 ORDER PER N.K. BILLAIYA, ACCOUNTANT MEMBER:- This appeal by the assessee is preferred against the or…

M/S Edelweiss Rural & Corporate Services Pvt Ltd, Mumbai vs. DCIT Central Circle-1(1), Mumbai

In the result, all the aforesaid appeals filed by the assessee are allowed

ITA 2478/MUM/2022[2018-2019]Status: DisposedITAT Mumbai30 Nov 2022AY 2018-2019

Bench: Shri Kuldip Singh & Shri S. Rifaur Rahman

For Appellant: Shri Ravikant Pathak, A.RFor Respondent: Shri Yashwant Kumar Bhaskar, D.R
Section 115JSection 14ASection 44A

…e computing the book profit under section 115JB of the Act has also considered disallowance of expenses made under section 14A of the Act which is not in consonance with the order passed by Special Bench of Delhi Tribunal in case of Vireet Investment cited as 165 ITD 27. The AO can only consider the amount of disallowance made by the assessee under section 14A qua the exempt income earned during the years under consideration under section 115JB of the Act. In other words disallowance made under section 14A under the normal provisions of the Act can only be considered for computing book profit under section 115JB…

M/S Edelwiss Rural & Corporate Services Private Limited, Mumbai vs. ACIT Central Circle-1(2), Mumbai

In the result, all the aforesaid appeals filed by the assessee are allowed

ITA 2470/MUM/2022[2017-18]Status: DisposedITAT Mumbai30 Nov 2022AY 2017-18

Bench: Shri Kuldip Singh & Shri S. Rifaur Rahman

For Appellant: Shri Ravikant Pathak, A.RFor Respondent: Shri Yashwant Kumar Bhaskar, D.R
Section 115JSection 14ASection 44A

…e computing the book profit under section 115JB of the Act has also considered disallowance of expenses made under section 14A of the Act which is not in consonance with the order passed by Special Bench of Delhi Tribunal in case of Vireet Investment cited as 165 ITD 27. The AO can only consider the amount of disallowance made by the assessee under section 14A qua the exempt income earned during the years under consideration under section 115JB of the Act. In other words disallowance made under section 14A under the normal provisions of the Act can only be considered for computing book profit under section 115JB…

M/S Edelweiss Rural & Corporate Services Limited (Erstwhile Edelweiss Agri Value Chain Limited), Mumbai vs. DCIT Central Circle -1(1), Mumbai

In the result, all the aforesaid appeals filed by the assessee are allowed

ITA 2469/MUM/2022[2015-16]Status: DisposedITAT Mumbai30 Nov 2022AY 2015-16

Bench: Shri Kuldip Singh & Shri S. Rifaur Rahman

For Appellant: Shri Ravikant Pathak, A.RFor Respondent: Shri Yashwant Kumar Bhaskar, D.R
Section 115JSection 14ASection 44A

…e computing the book profit under section 115JB of the Act has also considered disallowance of expenses made under section 14A of the Act which is not in consonance with the order passed by Special Bench of Delhi Tribunal in case of Vireet Investment cited as 165 ITD 27. The AO can only consider the amount of disallowance made by the assessee under section 14A qua the exempt income earned during the years under consideration under section 115JB of the Act. In other words disallowance made under section 14A under the normal provisions of the Act can only be considered for computing book profit under section 115JB…

M/S Edelweiss Financial Services Limited, Mumbai vs. DCIT Central Circle-1(1), Mumbai

In the result, all the aforesaid appeals filed by the assessee are allowed

ITA 2468/MUM/2022[2020-21]Status: DisposedITAT Mumbai30 Nov 2022AY 2020-21

Bench: Shri Kuldip Singh & Shri S. Rifaur Rahman

For Appellant: Shri Ravikant Pathak, A.RFor Respondent: Shri Yashwant Kumar Bhaskar, D.R
Section 115JSection 14ASection 44A

…e computing the book profit under section 115JB of the Act has also considered disallowance of expenses made under section 14A of the Act which is not in consonance with the order passed by Special Bench of Delhi Tribunal in case of Vireet Investment cited as 165 ITD 27. The AO can only consider the amount of disallowance made by the assessee under section 14A qua the exempt income earned during the years under consideration under section 115JB of the Act. In other words disallowance made under section 14A under the normal provisions of the Act can only be considered for computing book profit under section 115JB…

M/S Edelweiss Financial Services Limited, Mumbai vs. DCIT Central Circle-1(1), Mumbai

In the result, all the aforesaid appeals filed by the assessee are allowed

ITA 2467/MUM/2022[2018-19]Status: DisposedITAT Mumbai30 Nov 2022AY 2018-19

Bench: Shri Kuldip Singh & Shri S. Rifaur Rahman

For Appellant: Shri Ravikant Pathak, A.RFor Respondent: Shri Yashwant Kumar Bhaskar, D.R
Section 115JSection 14ASection 44A

…e computing the book profit under section 115JB of the Act has also considered disallowance of expenses made under section 14A of the Act which is not in consonance with the order passed by Special Bench of Delhi Tribunal in case of Vireet Investment cited as 165 ITD 27. The AO can only consider the amount of disallowance made by the assessee under section 14A qua the exempt income earned during the years under consideration under section 115JB of the Act. In other words disallowance made under section 14A under the normal provisions of the Act can only be considered for computing book profit under section 115JB…

Tata Industries Ltd, Mumbai vs. Dy CIT Circle- 2 (3)(1), Mumbai

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

ITA 217/MUM/2020[2016-17]Status: DisposedITAT Mumbai29 Nov 2022AY 2016-17
Section 115Section 115BSection 143(3)Section 80G

…ation mechanism provided in Rule 8D(2) of the Rules cannot be imputed in clause ‘f’ of Explanation 1 to section 115JB(2) of the Act as has been held by the Special Bench of Delhi Tribunal in the case of Vireet M/s. Tata Industries Ltd Investments reported in 165 ITD 27. However, the actual expenses incurred by the assessee thereon would have to be considered in clause ‘f’ which has already been done by the assessee in the instant case, while computing book profits u/s 115JB of the Act. Hence the directions of the ld. CIT(A) are modified accordingly. 3.7. The grounds raised by the revenue are disposed off in the…

ACIT- Circle-6(2)(1), Mumbai vs. Cg Power & Industrial Solution Ltd. (Formerly Known As Crompton Greaves Ltd.), Mumbai

In the result, the appeal filed by the assessee is treated as allowed and the appeal of the revenue is dismissed

ITA 2955/MUM/2018[2010-11]Status: DisposedITAT Mumbai25 Nov 2022AY 2010-11
Section 14Section 14ASection 35Section 80I

…ted the AO to exclude investments, which did not yield exempt income, for the purpose of computing average value of investments. In this regard, the Ld CIT(A) followed the decision rendered by the Special bench of ITAT in the case of Vireet Investments P Ltd (165 ITD 27). As a result the expenditure disallowance u/r 8D(2)(iii) came to be reduced to ₹ 1.25 crores. Both the parties are aggrieved by the decision so rendered by learned CIT (A). 7. We heard the parties and perused the record. The Ld CIT(A) has noticed that the own funds available with the assessee was ₹ 1731.17 crores, while the value of investments…

M/S United Spirits Limited, Bangalore vs. Joint Commissioner of Income Tax Special Range-7, Bangalore

In the result, ground 7 is allowed for statistical purposes

ITA 3091/BANG/2018[2014-15]Status: DisposedITAT Bangalore22 Nov 2022AY 2014-15

Bench: Shri George George K, Jm & Shri Laxmi Prasad Sahu, Am It(Tp)A No.3091/Bang/2018 : Asst.Year 2014-2015 M/S.United Spirits Limited The Joint Commissioner Of 6Th Floor, Ub Towers, Income-Tax, Special Range-7 V. Bangalore. # 24 Vittal Mallya Road Bangalore – 560 001. Pan : Aaccm8043J. (Appellant) (Respondent)

For Appellant: Sri.Percy Pardiwala, Senior Counsel and Sri.Ankur Pai, AdvocateFor Respondent: Sri. Manjunath Karkihalli, CIT –DR
Section 115PSection 143(2)Section 143(3)Section 14ASection 234BSection 36(1)(iii)Section 92C

…investments, the AO should consider only those investments which have actually yielded exempt dividend income. We notice that this argument of the assessee finds support from the decision rendered by the Special bench in the case of Vireet Investments P Ltd (165 ITD 27)(Delhi-SB). 25 IT(TP)A No.3091/Bang/2018 M/s.United Spirits Limited. Accordingly, we direct the AO to exclude investments, which did not yield exempt income, while computing average value of investments. (d) The Ld A.R also contended that the disallowance should not exceed the amount of exempt income. In this regard, he placed his reliance on the…

Medreich Limited, Bangalore vs. Assistant Commissioner of Income Tax, Central Circle-1(2), Bangalore

In the result, the appeal filed by the assessee stands allowed as indicated hereinabove

ITA 451/BANG/2022[2017-18]Status: DisposedITAT Bangalore21 Oct 2022AY 2017-18

Bench: Shri Chandra Poojari & Smt. Beena Pillaiit(Tp)A No. 451/Bang/2022 Assessment Year : 2017-18 M/S. Medreich Ltd., No. 12/8, Medreich The Assistant House, Commissioner Of Saraswati Ammal Income Tax, Street, Central Circle – Maruti Seva Nagar, 1(2), Vs. Bangalore – 560 033. Bangalore. Pan: Aabcm1458Q Appellant Respondent : Shri Padam Chand Assessee By Khincha, Ca : Shri Praveen Karanth, Revenue By Cit-Dr Date Of Hearing : 27-07-2022 Date Of Pronouncement : 21-10-2022 Order Per Beena Pillaipresent Appeal Is Filed By Assessee Against The Final Assessment Order Passed By The Ld.Acit, Central Circle – 1(2), Bangalore Dated 26/04/2022 For A.Y. 2017-18 On Following Grounds Of Appeal: “General Ground 1.1 The Learned Assistant Commissioner Of Income Tax, Central Circle-1(2), Bangalore (`A0') Erred In Passing The Assessment Order Under Section 143(3) R.W.S 144C(13) Of The Income Tax Act, 1961 (`The Act) In The Manner Passed

For Respondent: Shri Padam Chand
Section 143(3)Section 14ASection 92B

…Holcim India (P.) Ltd. reported in [2015] 57 taxmann.com 28 (Delhi)  Decision of Hon’ble Mumbai Tribunal in case of JM Financial Ltd. in ITA No. 4521/M/2012  Decision of Hon’ble Delhi Special Bench in case of ACIT vs. Vireet Investment Pvt. Ltd. reported in 165 ITD 27. On the contrary, the Ld.DR relied on the orders passed by authorities below. We have perused the submissions advanced by both sides in the light of records placed before us. 15. We note that the disallowance under Rule 8D(iia) has been made by the Ld.AO by applying 1% on the entire investments. The Hon’ble Special Bench of this Tribunal in case o…

Sotc Travel Services P.Ltd, Mumbai vs. DCIT RG 3(3)(1), Mumbai

In the result, appeal by the assesse is allowed for statistical purpose

ITA 3656/MUM/2016[2009-10]Status: DisposedITAT Mumbai10 Oct 2022AY 2009-10

Bench: Shri Pramod Kumar & Shri Sandeep Singh Karhail

For Appellant: Shri Madhur Agrawal &For Respondent: Shri Chetan M. Kacha
Section 14Section 14ASection 250Section 254(1)Section 40

…ies. 20. We have considered the rival submissions and perused the material available on record. We find that the claim of the assessee is supported by the decision of the Special Bench of the Tribunal in the case of 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 SOTC Travel Services Private Ltd. ITA No.3656/Mum./2016 average value of investments, which yield exempt income during the year. Accordingly, we direct the AO to only considered those investments for the purpose of computation of disallowance under s…

M/S. Mahindra Homes Pvt. Ltd, Mumbai vs. Addl/Jt/Dy/ACIT/ITO/NFAC, Mumbai

In the result, the appeal of the assessee for Asst Year 2016-17 is partly allowed for statistical purposes

ITA 2179/MUM/2021[2017-18]Status: DisposedITAT Mumbai30 Sept 2022AY 2017-18

Bench: Us That The Issues In Asst Year 2016-17 May Be Taken As The Lead Case & The Decision Rendered Thereon Would Apply With Equal Force For The Asst Year 2017-18 Also In View Of Identical Facts Except With Variance In Figures.

Section 143(3)Section 144C(13)Section 144C(5)Section 92C

…ould be made in terms of clause ‘f’ of Explanation 1 to section 115JB(2) of the Act by applying the computation mechanism provided in Rule 8D(2) of the Rules as has been held by the Special Bench of Delhi Tribunal in the case of Vireet Investments reported in 165 ITD 27 (Del) (SB). However, as directed in Ground Nos. 26 to 31 supra, the disallowance in M/s. Mahindra Homes Pvt. Ltd., terms of clause ‘f’ of Explanation 1 to section 115JB(2) of the Act should be Rs 77,778/-. Hence the Ground No. 32 raised by the assessee is partly allowed. 10. In view of aforesaid decisions in Ground Nos. 26 to 32 , the Ground No.…

Mahindra Homes P. Ltd., Mumbai vs. ITO, Range-7(2)(1), Mumbai

In the result, the appeal of the assessee for Asst Year 2016-17 is partly allowed for statistical purposes

ITA 1008/MUM/2021[2016-17]Status: DisposedITAT Mumbai30 Sept 2022AY 2016-17

Bench: Us That The Issues In Asst Year 2016-17 May Be Taken As The Lead Case & The Decision Rendered Thereon Would Apply With Equal Force For The Asst Year 2017-18 Also In View Of Identical Facts Except With Variance In Figures.

Section 143(3)Section 144C(13)Section 144C(5)Section 92C

…ould be made in terms of clause ‘f’ of Explanation 1 to section 115JB(2) of the Act by applying the computation mechanism provided in Rule 8D(2) of the Rules as has been held by the Special Bench of Delhi Tribunal in the case of Vireet Investments reported in 165 ITD 27 (Del) (SB). However, as directed in Ground Nos. 26 to 31 supra, the disallowance in M/s. Mahindra Homes Pvt. Ltd., terms of clause ‘f’ of Explanation 1 to section 115JB(2) of the Act should be Rs 77,778/-. Hence the Ground No. 32 raised by the assessee is partly allowed. 10. In view of aforesaid decisions in Ground Nos. 26 to 32 , the Ground No.…

DCIT, Central Circle- 18, New Delhi vs. Anant Overseas Pvt. Ltd., New Delhi

In the result, the appeal of the Revenue and the Cross

ITA 6333/DEL/2017[2012-13]Status: DisposedITAT Delhi31 Aug 2022AY 2012-13

Bench: Shri Chandra Mohan Garg & Shri Pradip Kumar Kedia

For Appellant: Shri Nitin Kansal, CAFor Respondent: Shri Ishtiyaque Ahmed, CIT-DR
Section 115Section 115JSection 143(3)Section 14ASection 14A(2)Section 153A

…d under Rule 8D cannot be adopted for the purposes of Section 115JB of the Act. This aspect is also restored to the file of the CIT(A) for determining the book profit/loss having regard to decision of the Special Bench in ACIT vs. Vireet Investment Pvt. Ltd., 165 ITD 27 (SB Delhi) and in accordance with law. Hence, Ground No.4 of the Cross Objection is allowed for statistical purposes. 14. In term of observations noted hereinabove, the impugned order passed by the CIT(A) is set aside and restore back to the file of the CIT(A) for denovo adjudication in accordance with law. I.T.A. No.6333/Del/2017 & CO No.22/Del…

M/S. Kmme Impex Pvt. Ltd, Mumbai vs. DCIT Cir 6(3) (2), Mumbai

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

ITA 1874/MUM/2021[2016-17]Status: DisposedITAT Mumbai26 Aug 2022AY 2016-17
Section 115JSection 14A

…stments made in growth funds of mutual funds) for the purpose of computing average value of investments. We notice that this contention of the assessee finds support from the decision rendered by Special bench of ITAT in the case of Vireet Investment (P) Ltd (165 ITD 27)(Delhi). 7. We notice that the AO has simply applied the provisions of Rule 8D without making any reference to the facts of the present case. We agree with the contentions of Ld A.R that, if the loan funds were used for making investments in growth funds of mutual funds, which will not yield any dividend income, then the interest relatable to suc…

Edelweiss Financail Services Ltd, Mumbai vs. Dy CIT CC-1(1), Mumbai

In the result, appeal of the assessee for A

ITA 1328/MUM/2021[2014-15]Status: DisposedITAT Mumbai25 Aug 2022AY 2014-15
Section 10Section 115JSection 143(3)Section 14ASection 14A(2)Section 90

…e find that the ld. AO had made same disallowance as was made by him under normal provisions of the Act, again while computing the book profit u/s.115JB of the Act. We find that the Special Bench of Delhi Tribunal in the case of Vireet Investments reported in 165 ITD 27 had categorically held that computation mechanism provided in Rule 8D(2) of the IT Rules cannot be imputed in Clause (f) of Explanation 1 to Section 115 JB (2) of the Act. However, the actual expenses incurred by the assessee for the purpose of earning exempt income had to be disallowed in terms of Clause (f) of Explanation 1 to Section 115JB (2)…

Edelweiss Financial Services Ltd., Mumbai vs. Dy CIT CC-1(1), Mumbai

In the result, appeal of the assessee for A

ITA 1283/MUM/2021[2012-13]Status: DisposedITAT Mumbai25 Aug 2022AY 2012-13
Section 10Section 115JSection 143(3)Section 14ASection 14A(2)Section 90

…e find that the ld. AO had made same disallowance as was made by him under normal provisions of the Act, again while computing the book profit u/s.115JB of the Act. We find that the Special Bench of Delhi Tribunal in the case of Vireet Investments reported in 165 ITD 27 had categorically held that computation mechanism provided in Rule 8D(2) of the IT Rules cannot be imputed in Clause (f) of Explanation 1 to Section 115 JB (2) of the Act. However, the actual expenses incurred by the assessee for the purpose of earning exempt income had to be disallowed in terms of Clause (f) of Explanation 1 to Section 115JB (2)…

Edelweiss Finanacial Services Ltd., Mumbai vs. Dy CIT -CC-1(1), Mumbai

In the result, appeal of the assessee for A

ITA 1197/MUM/2021[2013-14]Status: DisposedITAT Mumbai25 Aug 2022AY 2013-14
Section 10Section 115JSection 143(3)Section 14ASection 14A(2)Section 90

…e find that the ld. AO had made same disallowance as was made by him under normal provisions of the Act, again while computing the book profit u/s.115JB of the Act. We find that the Special Bench of Delhi Tribunal in the case of Vireet Investments reported in 165 ITD 27 had categorically held that computation mechanism provided in Rule 8D(2) of the IT Rules cannot be imputed in Clause (f) of Explanation 1 to Section 115 JB (2) of the Act. However, the actual expenses incurred by the assessee for the purpose of earning exempt income had to be disallowed in terms of Clause (f) of Explanation 1 to Section 115JB (2)…

Hikal Ltd, Mumbai vs. DCIT Cir 3(1), Mumbai

In the result appeal of the assessee for A

ITA 5388/MUM/2012[2009-10]Status: DisposedITAT Mumbai23 Aug 2022AY 2009-10
Section 10ASection 10BSection 143(3)

…ng of exempt income. For this purpose, we deem it fit to set aside ground No.11 to the file of ld. AO for denovo adjudication and decide the same in the light of decision of Special Bench of Delhi Tribunal in the case of Vireet Investment decision reported in 165 ITD 27. M/s. Hikal Ltd., Accordingly, the ground No.11 raised by the assessee is allowed for statistical purposes. 9. The ground No.10 raised by the assessee is seeking claim of carry forward of losses in respect of Non-EOU units is consequential to ground No.1 & 2 adjudicated hereinabove. We have already held that losses incurred in Non-EOU units canno…