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.

D.C.I.T Cir - 10(1), Kolkata vs. M/S Eureka Forbs Ltd, Kolkata

The appeal is dismissed

ITA 1247/KOL/2019[2013-14]Status: DisposedITAT Kolkata12 Jan 2026AY 2013-14

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

Section 115JSection 14ASection 250Section 92C

…Section 115JB. The Ld. AO's action of adding back the disallowance computed under Rule 8D while assessing the book profit is held to be unjustified in view of the decision of the Hon'ble ITAT, Delhi (Spl. Bench) in the case of ACIT Vs. Vireet Industries Ltd (165 ITD 27) and Bombay High Court in the case of CIT vs. JSW Energy Ltd. (60 taxmann.com 303). For the reasons set out in the foregoing, the Ld. AO is directed to restrict the addition in terms of clause (f) of Explanation 1 to Section 115JB to Rs.5,53,878/-. These grounds therefore stand partly allowed.” 11.3 The Ld. DR submitted that the view of the Ld. AO…

Kuntal Hasmukhlal Shah, Mumbai vs. Asst. Commissioner of Income Tax 4(1)(1), Mumbai

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

ITA 8360/MUM/2025[2017-18]Status: DisposedITAT Mumbai12 Jan 2026AY 2017-18

Bench: Shri Amit Shukla & Shri Makarand Vasant Mahadeokarkuntal Hasmukhlal Shah Acit-4(1)(1) 104, 1St Floor, Plot No. 53, Aayakar Bhawan, Panchsheel, P. M. Shukla Vs. Churchgate, Marg, C-Road, Mumbai-400 020 Churchgate, Mumbai-400 020 Pan/Gir No. Aagps5867F (Applicant) (Respondent) Assessee By Shri Ashok Shah, Ld. Ar Revenue By Shri Aditya Rai, Ld. Dr Date Of Hearing 08.01.2026 Date Of Pronouncement 12.01.2026

Section 10(38)Section 142(1)Section 143(1)Section 143(2)Section 143(3)Section 14ASection 250

…e on the following decisions:  CIT v. Hero Cycles Ltd. (2015) 379 ITR 347 (SC), wherein it was held that disallowance under section 14A cannot be made in the absence of nexus between expenditure and exempt income.  ACIT v. Vireet Investment Pvt. Ltd. (2017) 165 ITD 27 (Delhi ITAT, Special Bench), holding that Rule 8D cannot be applied mechanically and requires clear evidence of expenditure incurred for earning exempt income. 7 Kuntal Hasmukhlal Shah 12. The Departmental Representative relied on the orders of lower authorities. 13. We have carefully considered the rival submissions, perused the orders of the a…

The India Cements Limited, Chennai vs. DCIT Corporate Circle 2(1) Chennai, Chennai

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

ITA 2174/CHNY/2024[2017-18]Status: DisposedITAT Chennai02 Jan 2026AY 2017-18
Section 10(39)Section 115JSection 14A

…nts which yielded exempt income shall be considered to disallow 0.5% of average value of investment, the income from which does not form part of total income. We further noted that ITAT, Delhi Special Bench in the case of ACIT vs. Vireet Investment Pvt. Ltd., 58 ITR (Trib) 313 had considered an identical issue and held that only those investments which yielded exempt income for the year needs to be considered for computing disallowance of 0.5% of the average value of investment. The Id.CIT(A) after considered relevant facts has rightly directed the AO to re-compute disallowance by taking those investments which y…

DCIT Central Circle-1(1), Mumbai vs. Dentsu Aegis Network India Prviate Limited, Mumbai

In the result, the appeal of the revenue is dismissed

ITA 6123/MUM/2025[2018-19]Status: DisposedITAT Mumbai05 Dec 2025AY 2018-19

Bench: Shri Anikesh Banerjee & Shri Prabhash Shankar

For Appellant: Shri A.K. JawadwalaFor Respondent: Shri Umashankar Prasad (CIT DR)
Section 115JSection 143(3)Section 14ASection 250

…f Rs.2.44 crore was already offered in accordance with Rule 8D. The assessee relied on judicial precedents, including Piramal Enterprises Ltd, 97 taxmann.com 352 (ITAT-Mumbai). and the Special Bench of ITAT Delhi in ACIT vs. Vireet Investment (P.) Ltd. (2017) 165 ITD 27 (Delhi) (SB), to contend that only those investments which yielded exempt income should be considered for Rule 4 Dentsu Aegis Network India Private Limited 8D(2)(iii) computation. The Ld. AO rejected the explanation, observing that the assessee had “picked and chosen” only income-yielding investments, contrary to Rule 8D. Relying on CBDT Circular…

DCIT, Swargate Pune vs. Cummins India Ltd, Pune

In the result, appeal of the assessee bearing ITA No

ITA 1256/PUN/2023[2018-19]Status: DisposedITAT Pune04 Dec 2025AY 2018-19

Bench: Dr.Manish Borad & Ms. Astha Chandra

Section 10ASection 115JSection 143(1)Section 143(1)(a)Section 143(2)Section 143(3)Section 144C(5)Section 14ASection 250Section 35

…raised by the assessee is that for computing book profit u/s.115JB, disallowance u/s.14A was not required to be added. 30. On due consideration of the judgment of the Special Bench of Delhi Tribunal in the case of ACIT vs. Vireet Investments (P.) Ltd. (2017) 165 ITD 27 (SB)(Delhi) relied on by the learned counsel for the assessee, we find that in the light of the decision of the Special Bench, we are inclined to hold that computing the book profit u/s.115JB of the Act, disallowance u/s.14A of the Act is not required to be added to the book profits. Ground No.11 raised by the assessee is allowed. 31. In the addit…

DCIT 2(3)(1), Mumbai vs. Tata Industries Ltd, Mumbai

Accordingly, Ground No 2(a) & (b) of the revenue in ITA No. 4109/Mum/2012, therefore stands dismissed

ITA 5690/MUM/2015[2006-07]Status: DisposedITAT Mumbai19 Nov 2025AY 2006-07

Bench: SHRI SAKTIJIT DEY (Vice President), SHRI ARUN KHODPIA (Accountant Member)

Section 115JSection 143(3)Section 14ASection 271(1)(c)Section 37Section 40

…on which exempt income is received bears to the average value of assets. Accordingly, the disallowance should be 7.84 crores only. Ld. AR placed her reliance on the following decision: (i) ACIT, Circle 17(1), New Delhi vs. Vireet Investment (P.) Ltd., [2017] 165 ITD 27/82 taxmann.com 415 (Delhi- Trib) (SB) (ii) ACIT vs. Tata Sons Ltd (ITA Nos 4630, 4637/Mum/2016) (Mumbai ITAT) (AY 2009-10) (07.08.2020) (iii)ACIT vs. Tata Sons Ltd. (ITA Nos. 3192, 3508 / Mum/2013) (Mumbai ITAT) (AY 2008-09) (06.11.2019) 10 ITA No. 3157/MUM/2012, ITA No. 4109/MUM/2012 ITA No.5690/MUM/2015 & CO No. 144/MUM/2016 6.5 Ld. AR also su…

DCIT, Circle-1, Faridabad, Income Tax Department vs. Nhpc Limited, Faridabad

In the result, both the appeals for AYs 2017-18 & 2018-19 filed by the Revenue is partly allowed for statistical purposes

ITA 2652/DEL/2023[2018]Status: DisposedITAT Delhi29 Oct 2025

Bench: Shri S.Rifaur Rahman & Shri Yogesh Kumar U.S.

For Appellant: Shri Ved Jain, AdvocateFor Respondent: Ms. Amisha S. Gupt, CIT DR
Section 115JSection 80Section 801ASection 80I

…ation 1 to section 115JB(2), which refers to: “the amount or amounts of expenditure relatable to any income to which any of the provisions of section 10 (other than section 10(38)) or section 11 or section 12 apply.” ACIT v. Vireet Investment (P.) Ltd. [2017] 165 ITD 27 (SB) (Delhi ITAT) Special Bench held: “No disallowance under section 14A can be made while computing book profits under section 115JB unless the amount is debited to P&L and satisfies clause (f) of Explanation 1.” ITAT MUMBAI-STRIDES PHARMA SCIENCE LIMITED VERSUS ITO 15 (3) (2), MUMBAI-2025 (4) TMI 137- Dated: - 20-3-2025 GUJARAT HIGH COURT-THE PR…

Deputy Commissioner of Income Tax, Circle-1, Faridabad, Income Tax Department vs. Nhpc Limited, Faridabad

In the result, both the appeals for AYs 2017-18 & 2018-19 filed by the Revenue is partly allowed for statistical purposes

ITA 2651/DEL/2023[2017]Status: DisposedITAT Delhi29 Oct 2025

Bench: Shri S.Rifaur Rahman & Shri Yogesh Kumar U.S.

For Appellant: Shri Ved Jain, AdvocateFor Respondent: Ms. Amisha S. Gupt, CIT DR
Section 115JSection 80Section 801ASection 80I

…ation 1 to section 115JB(2), which refers to: “the amount or amounts of expenditure relatable to any income to which any of the provisions of section 10 (other than section 10(38)) or section 11 or section 12 apply.” ACIT v. Vireet Investment (P.) Ltd. [2017] 165 ITD 27 (SB) (Delhi ITAT) Special Bench held: “No disallowance under section 14A can be made while computing book profits under section 115JB unless the amount is debited to P&L and satisfies clause (f) of Explanation 1.” ITAT MUMBAI-STRIDES PHARMA SCIENCE LIMITED VERSUS ITO 15 (3) (2), MUMBAI-2025 (4) TMI 137- Dated: - 20-3-2025 GUJARAT HIGH COURT-THE PR…

Deputy Commissioner of Income Tax, Central Circle 3(3), Mumbai vs. Welspun Living Limited, Mumbai

In the result, the appeal by the Revenue for the assessment year 2015-

ITA 3697/MUM/2025[2015-16]Status: DisposedITAT Mumbai27 Oct 2025AY 2015-16

Bench: Shri Sandeep Singh Karhailshri Prabhash Shankar

For Appellant: Shri Harsh KapadiaFor Respondent: Shri Arun Kanti Datta, CIT-DR
Section 115Section 14ASection 250

…e case and in law, the Ld. CIT(A) is justified in directing the AO to compute the disallowance by taking into account only those investments which have resulted into exempt income relying under judgment Hon’ble ITAT in the case of Vireet Investment Pvt. Ltd. (165 ITD 27) (Spl. Bench Delhi Tribunal). 2. Whether on the facts and in the circumstances of the case and in law, the Ld. CIT (A) is justified in considering the subsidy received in the form of Technology Upgradation Fund as a capital receipt, without appreciating the fact that the assessee has not proved that the application of the money received was for th…

Deputy Commissioner of Income Tax, Central Circle 3(3), Mumbai vs. Welspun Living Limited, Mumbai

In the result, the appeal by the Revenue for the assessment year 2015-

ITA 3696/MUM/2025[2013-14]Status: DisposedITAT Mumbai27 Oct 2025AY 2013-14

Bench: Shri Sandeep Singh Karhailshri Prabhash Shankar

For Appellant: Shri Harsh KapadiaFor Respondent: Shri Arun Kanti Datta, CIT-DR
Section 115Section 14ASection 250

…e case and in law, the Ld. CIT(A) is justified in directing the AO to compute the disallowance by taking into account only those investments which have resulted into exempt income relying under judgment Hon’ble ITAT in the case of Vireet Investment Pvt. Ltd. (165 ITD 27) (Spl. Bench Delhi Tribunal). 2. Whether on the facts and in the circumstances of the case and in law, the Ld. CIT (A) is justified in considering the subsidy received in the form of Technology Upgradation Fund as a capital receipt, without appreciating the fact that the assessee has not proved that the application of the money received was for th…

Maruti Suzuki India Ltd., New Delhi vs. DCIT, New Delhi

In the result, all the three appeals of the assessee are allowed as indicated above and the appeal of Revenue is partly allowed

ITA 901/DEL/2017[2012-13]Status: DisposedITAT Delhi08 Oct 2025AY 2012-13

Bench: Shris.Rifaur Rahman & Shri Vimal Kumar

For Appellant: Shri Ajay Vohra, Sr. AdvocateFor Respondent: Shri G.C. Srivastava, Spl. Counsel for the Department
Section 143(3)Section 144CSection 144C(1)Section 144C(5)Section 14ASection 32Section 35Section 43B

…in SLP(C) No. 25130/2019 reported in 268 Taxman 317  ACB India Ltd. v. ACIT: 374 ITR 108 (Del.)  REI Agro Ltd v. DCIT: 144 ITD 141 (Kol. Trib.) – Revenue appeal dismissed by Calcutta HC in appeal No.GA No.3581 of 2013  ACIT v. Vireet Investments Pvt. Ltd.: 165 ITD 27 / 188 TTJ 1 (Del Trib.) (SB)  Religare Enterprises Ltd. v. DCIT: 1549/Del/2014 (Del Trib.)  11. It is submitted that if only the dividend yielding investments are considered for the purpose of section 14A of the Act, then the disallowance would not exceed Rs.2,09,65,159, being the suo-motu disallowance made by the assessee. 12. He further submit…

DCIT, New Delhi vs. M/S. Maruti Suzuki India Ltd., New Delhi

In the result, all the three appeals of the assessee are allowed as indicated above and the appeal of Revenue is partly allowed

ITA 1024/DEL/2016[2011-12]Status: DisposedITAT Delhi08 Oct 2025AY 2011-12

Bench: Shris.Rifaur Rahman & Shri Vimal Kumar

For Appellant: Shri Ajay Vohra, Sr. AdvocateFor Respondent: Shri G.C. Srivastava, Spl. Counsel for the Department
Section 143(3)Section 144CSection 144C(1)Section 144C(5)Section 14ASection 32Section 35Section 43B

…in SLP(C) No. 25130/2019 reported in 268 Taxman 317  ACB India Ltd. v. ACIT: 374 ITR 108 (Del.)  REI Agro Ltd v. DCIT: 144 ITD 141 (Kol. Trib.) – Revenue appeal dismissed by Calcutta HC in appeal No.GA No.3581 of 2013  ACIT v. Vireet Investments Pvt. Ltd.: 165 ITD 27 / 188 TTJ 1 (Del Trib.) (SB)  Religare Enterprises Ltd. v. DCIT: 1549/Del/2014 (Del Trib.)  11. It is submitted that if only the dividend yielding investments are considered for the purpose of section 14A of the Act, then the disallowance would not exceed Rs.2,09,65,159, being the suo-motu disallowance made by the assessee. 12. He further submit…

ACIT, CC-4(2), Mumbai vs. Trapti Trading & Investments Private Limited, Mumbai

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

ITA 4851/MUM/2025[2013-14]Status: DisposedITAT Mumbai30 Sept 2025AY 2013-14

Bench: Smt. Beena Pillai () & Shri Omkareshwar Chidara ()

Section 115JSection 143(3)Section 14ASection 263

…risdictional High Court in the case of CIT v. M/s. Bengal Finance & Investments Pvt. Ltd. (ITA No. 337 of 2013) (Bom. HC) (Refer Pg Nos. 1 to 2 of the LPB), Special Bench of the Hon’ble Delhi Tribunal in the case of ACIT v. Vireet Investments (P.) Ltd. [2017] 165 ITD 27 [Refer Page No. 3 to 33 of LPB] held that disallowance u/s 14A of the Act computed in accordance with Rule 8D cannot be added for the purpose of computation of book profit u/s. 115JB of the Act and The Hon’ble Apex Court in PCIT v. Atria Power Corporation Ltd. [2022] 142 taxmann.com 413 (SC) [Refer Page No. 34 to 35 of LPB] dismissed the revenue’s…

Deputy Commssioner of Income Tax (Central Circle) -3(3), Mumbai vs. M/S Welspun Enterprises Limited, Mumbai

In the result, the appeal of revenue for AY 2018-19 is dismissed

ITA 1763/MUM/2025[2014-15]Status: DisposedITAT Mumbai30 Sept 2025AY 2014-15

Bench: Shri Pawan Singh& Smt.Renu Jauhri

Section 115JSection 14ASection 254(1)Section 40

…ndia) Ltd 448 ITR 674 (Del) and in assessee’s own case reported ITA No.32137/Mum/2021. Against ground No.3& 6, the Ld.AR of the assessee submitted that the issue is covered by the decision of Special Bench of ITAT in the case of Vireet Investments Pvt. Ltd (165 ITD 27), wherein it was held the investment which yielded exempt income is to be considered for making disallowance. The Ld.AR further submits that the Ld.CIT(A), too, has merely followed the decision of the Special Bench and thus, it was submitted that no interference should be called for. 6. On the other hand, the ld. Senior departmental representati…

Deputy Commssioner of Income Tax (Central Circle) -3(3), Mumbai vs. M/S. Welspun Enterprises Limited, Mumbai

In the result, the appeal of revenue for AY 2018-19 is dismissed

ITA 1762/MUM/2025[2013-14]Status: DisposedITAT Mumbai30 Sept 2025AY 2013-14

Bench: Shri Pawan Singh& Smt.Renu Jauhri

Section 115JSection 14ASection 254(1)Section 40

…ndia) Ltd 448 ITR 674 (Del) and in assessee’s own case reported ITA No.32137/Mum/2021. Against ground No.3& 6, the Ld.AR of the assessee submitted that the issue is covered by the decision of Special Bench of ITAT in the case of Vireet Investments Pvt. Ltd (165 ITD 27), wherein it was held the investment which yielded exempt income is to be considered for making disallowance. The Ld.AR further submits that the Ld.CIT(A), too, has merely followed the decision of the Special Bench and thus, it was submitted that no interference should be called for. 6. On the other hand, the ld. Senior departmental representati…

Deputy Commssioner of Income Tax (Central Circle) -3(3), Mumbai vs. M/S. Welspun Enterprises Limited, Mumbai

In the result, the appeal of revenue for AY 2018-19 is dismissed

ITA 1678/MUM/2025[2020-21]Status: DisposedITAT Mumbai30 Sept 2025AY 2020-21

Bench: Shri Pawan Singh& Smt.Renu Jauhri

Section 115JSection 14ASection 254(1)Section 40

…ndia) Ltd 448 ITR 674 (Del) and in assessee’s own case reported ITA No.32137/Mum/2021. Against ground No.3& 6, the Ld.AR of the assessee submitted that the issue is covered by the decision of Special Bench of ITAT in the case of Vireet Investments Pvt. Ltd (165 ITD 27), wherein it was held the investment which yielded exempt income is to be considered for making disallowance. The Ld.AR further submits that the Ld.CIT(A), too, has merely followed the decision of the Special Bench and thus, it was submitted that no interference should be called for. 6. On the other hand, the ld. Senior departmental representati…

Deputy Commssioner of Income Tax (Central Circle) -3(3), Mumbai vs. M/S. Welspun Enterprises Limited, Mumbai

In the result, the appeal of revenue for AY 2018-19 is dismissed

ITA 1677/MUM/2025[2018-19]Status: DisposedITAT Mumbai30 Sept 2025AY 2018-19

Bench: Shri Pawan Singh& Smt.Renu Jauhri

Section 115JSection 14ASection 254(1)Section 40

…ndia) Ltd 448 ITR 674 (Del) and in assessee’s own case reported ITA No.32137/Mum/2021. Against ground No.3& 6, the Ld.AR of the assessee submitted that the issue is covered by the decision of Special Bench of ITAT in the case of Vireet Investments Pvt. Ltd (165 ITD 27), wherein it was held the investment which yielded exempt income is to be considered for making disallowance. The Ld.AR further submits that the Ld.CIT(A), too, has merely followed the decision of the Special Bench and thus, it was submitted that no interference should be called for. 6. On the other hand, the ld. Senior departmental representati…

Deputy Commssioner of Income Tax (Central Circle) -3(3), Mumbai vs. M/S. Welspun Enterprises Limited, Mumbai

In the result, the appeal of revenue for AY 2018-19 is dismissed

ITA 1676/MUM/2025[2017-18]Status: DisposedITAT Mumbai30 Sept 2025AY 2017-18

Bench: Shri Pawan Singh& Smt.Renu Jauhri

Section 115JSection 14ASection 254(1)Section 40

…ndia) Ltd 448 ITR 674 (Del) and in assessee’s own case reported ITA No.32137/Mum/2021. Against ground No.3& 6, the Ld.AR of the assessee submitted that the issue is covered by the decision of Special Bench of ITAT in the case of Vireet Investments Pvt. Ltd (165 ITD 27), wherein it was held the investment which yielded exempt income is to be considered for making disallowance. The Ld.AR further submits that the Ld.CIT(A), too, has merely followed the decision of the Special Bench and thus, it was submitted that no interference should be called for. 6. On the other hand, the ld. Senior departmental representati…

Deputy Commssioner of Income Tax (Central Circle) -3(3), Mumbai vs. M/S. Welspun Enterprises Limited, Mumbai

In the result, the appeal of revenue for AY 2018-19 is dismissed

ITA 1675/MUM/2025[2016-17]Status: DisposedITAT Mumbai30 Sept 2025AY 2016-17

Bench: Shri Pawan Singh& Smt.Renu Jauhri

Section 115JSection 14ASection 254(1)Section 40

…ndia) Ltd 448 ITR 674 (Del) and in assessee’s own case reported ITA No.32137/Mum/2021. Against ground No.3& 6, the Ld.AR of the assessee submitted that the issue is covered by the decision of Special Bench of ITAT in the case of Vireet Investments Pvt. Ltd (165 ITD 27), wherein it was held the investment which yielded exempt income is to be considered for making disallowance. The Ld.AR further submits that the Ld.CIT(A), too, has merely followed the decision of the Special Bench and thus, it was submitted that no interference should be called for. 6. On the other hand, the ld. Senior departmental representati…

JCIT (OSD) -3(4), Mumbai vs. Sterlite Technologies Limited, Aurangabad

In the result, appeals of both, the Revenue and the assessee are dismissed

ITA 612/MUM/2024[2016-17]Status: DisposedITAT Mumbai30 Sept 2025AY 2016-17

Bench: Shri Amit Shukla & Shri Girish Agrawalassessment Year: 2016-17 Sterlite Technologies Limited Principle Commissioner Of E-1 Waluj, Midc Industrial Income Tax- 27, Vs. Area, Aurangabad - 431136 Navi Mumbai Maharashtra (Pan: Aaecs8719B) (Appellant) (Respondent) Assessment Year: 2016-17 Principle Commissioner Of Sterlite Technologies Limited Income Tax- 27, E-1 Waluj, Midc Industrial Vs. Navi Mumbai Area, Aurangabad - 431136 Maharashtra (Pan: Aaecs8719B) (Appellant) (Respondent) Present For: Assessee : Shri Nikhil Tiwari & Ms. Palak Mehta, Cas Revenue : Shri Satyaprakash R. Singh, Cit Dr & Shri Leyaqat Ali Aafaqui, Sr. Dr Date Of Hearing : 30.07.2025 Date Of Pronouncement : 30.09.2025 O R D E R Per Girish Agrawal: These Two Appeals Are Filed By The Assessee & Revenue Against The Orders Of Commissioner Of Income Tax (Appeals)-13, Pune, Vide Order No. Itba/Apl/M/250/2023-24/1058725938(1), Dated Sterlite Technologies Ltd. Ay 2016-17 13.12.2023 Passed Against The Assessment Order By Acit, Ltu, Circle- 1, Mumbai, U/S. 143(3) Of The Income-Tax Act (Hereinafter Referred To As The “Act”), Dated 21.12.2018 For Assessment Year 2016-17. 2. Grounds Taken By The Assessee Are Reproduced As Under: 1.1 Erred In Upholding The Action Of The Learned Assessing Officer ('Ao') In Not Allowing The Claim Of Appellant That The Rate Of Ddt In Respect Of Dividend Distributed To Its Overseas Holding Company Ought To Be Restricted To The Rate Of Tax Of 5% Prescribed Under Article 10(2) Of Applicable India- Mauritius Dtaa & That The Appellant Is Eligible For Refund Of Ddt Paid In Excess Of Such Rate.

For Appellant: Shri Nikhil Tiwari and Ms. Palak Mehta, CAsFor Respondent: Shri Satyaprakash R. Singh, CIT DR and Shri Leyaqat Ali Aafaqui, Sr. DR
Section 115JSection 143(3)Section 14ASection 43B

…issue also by restricting the Sterlite Technologies Ltd. AY 2016-17 disallowance to Rs.85,000/- while computing the book profit under MAT provisions. This issue is also squarely covered by the decision of Hon'ble Special Bench in the case of Vireet Investment 165 ITD 27 (Del Trib)(SB). Accordingly, in the given factual matrix and the position of law, we do not find any reason to interfere with the finding arrived at by ld. CIT(A) on this issue. Accordingly, ground No.5 and 6 are dismissed. 10. Ground No.7 is in respect of disallowance u/s.43B of Rs. 4,83,92,306/- which ld. Assessing Officer has added while compu…