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.

Atul Ltd., Ahmedabad vs. The Dy.CIT (OSD), Range-1, Ahmedabad

In the result, appeal of the Revenue is partly allowed for statistical purpose

ITA 1197/AHD/2015[2009-10]Status: DisposedITAT Ahmedabad12 Jul 2022AY 2009-10

Bench: Smt.Annapurna Gupta & Shri T.R.Senthil Kumarasst.Year 2009-10 & Assessment Year : 2006-07 Atul Limited Dcit (Osd), Range-1 3Rd Floor, Ashoka Chambers Dcit, Cir.1(1)(2) Rasala Marg, Ellisbridge Ahmedabad. Ahmedabad 380009. Pan : Aabca 2390 M Asst.Year : 2009-10 & Assessment Year : 2006-07 & It(Tp)A No.1108/Ahd/2017 Asst.Year : 2007-08 Dcit, Cir.1(1)(2) Atul Limited Ahmedabad. 3Rd Floor, Ashoka Chambers Rasala Marg, Ellisbridge Ahmedabad 380009. Pan : Aabca 2390 M

For Respondent: Shri Mohd Usman, CIT-DR
Section 143(3)Section 14ASection 250(6)

…on account of disallowance made under section 14A of the Act. The ld.counsel for the assessee at the outset stated that this issue has been decided in favour of the assessee by the Special Bench of the ITAT in the case of ACIT Vs. Vireet Investment Pvt. Ltd., 165 ITD 27 (SB). The ld.DR was unable to controvert the above. 71. In view of the above, the order of the ld.CIT(A) allowing the assessee’s claim of no adjustment to be made to the book profits on account of disallowance of interest under section 14A of the Act is upheld. Ground No.4 is dismissed. 72. In the result, appeal of the Revenue is partly allowed…

M/S. Ferrocare International, Pune vs. Income-Tax Officer, Ward - 14(3), Pune

Appeal is partly allowed in above terms

ITA 1247/PUN/2018[2015-16]Status: DisposedITAT Pune12 Jul 2022AY 2015-16

Bench: Shri S.S. Godara & Dr. Dipak P. Ripoteनिर्धारण वषा / Assessment Year : 2015-16 M/S. Ferrocare International Vs. Ito, Ward S.No.32/3/8, Yewalewadi Road, 14(3), Pune Kondhwa Budruk, Pune – 411048 Pan: Aaaff5100C Appellant Respondent

Section 114Section 143(3)Section 14ASection 14A(1)Section 14A(2)

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “B”, PUNE BEFORE SHRI S.S. GODARA, JUDICIAL MEMBER AND DR. DIPAK P. RIPOTE, ACCOUNTANT MEMBER निर्धारण वषा / Assessment Year : 2015-16 M/s. Ferrocare International Vs. ITO, Ward S.No.32/3/8, Yewalewadi Road, 14(3), Pune Kondhwa Budruk, Pune – 411048 PAN: AAAFF5100C Appellant Respondent Assessee by Shri Nikhil Pathak Revenue by Shri M.G. Jasanani Date of hearing 04-07-2022 Date of pronouncement 12-07-2022 आदेश / ORDER PER S.S. GODARA, JM : This assessee‟s appeal for AY 2015-16 arises against the CIT(A)-7, Pune‟s order dated 22-05-2018 passed in case No. PN/CIT(A)-7/…

Poonawalla Shares and Securities Pvt.Ltd, Pune vs. Deputy Commissioner of Income-Tax, Circle - 4, Pune

In the result, the appeal is partly allowed for statistical

ITA 1380/PUN/2018[2015-16]Status: DisposedITAT Pune08 Jul 2022AY 2015-16

Bench: Shri R.S. Syal & Shri S.S. Viswanethra Ravi"नधा"रण वष" / Assessment Year : 2015-16

Section 14A

…se securities in respect of which exempt income is earned and not the total investments. Similar view has been taken 3 Poonawalla Shares & Securities Pvt. Ltd., by the Special Bench of the Tribunal in the case of ACIT vs. Vireet Investments (P) Ltd. (2017) 165 ITD 27 (Del) (SB). In view of the afore referred precedents, we set aside the impugned order to this extent and remit the matter to the file of the AO for re-computing the disallowance under Rule 8D(2)(iii) by considering only such investments, in calculating the average value of investments, which yielded exempt income during the year. The assessee wil…

Kolte Patil Developers Ltd, Pune vs. Deputy Commissioner of Income-Tax, Central Circle 1(1), Pune

Appeals are partly allowed for statistical purpsoes in above terms

ITA 646/PUN/2020[2016-17]Status: DisposedITAT Pune07 Jul 2022AY 2016-17
For Appellant: Shri Nikhil PathakFor Respondent: Shri S.P. Walimbe
Section 143(3)Section 14A

…Mr. Walimbe has placed strong reliance on both the lower authorities’ orders. 4. We have given thoughtful consideration to the foregoing rival submissions and find force in assessee’s stand. The Case-law in ACIT Vs. Vireet Investments (P) Ltd. Vs. ACIT (2015) 165 ITD 27 (Del) (SB) and ACB India Ltd. Vs. CIT (2015) 374 ITR 108 (Del) has already decided the instant issue that as assesses investments yielding exempt only have to be taken into consideration whilst computing sec. 14A r.w.rule 8D. We thus uphold the impugned disallowance in principle and leave it open for the Assessing Officer to recompute the same as…

Kolte Patil Developers Ltd, Pune vs. Deputy Commissioner of Income-Tax Central Circle 1(1), Pune

Appeals are partly allowed for statistical purpsoes in above terms

ITA 645/PUN/2020[2015-16]Status: DisposedITAT Pune07 Jul 2022AY 2015-16
For Appellant: Shri Nikhil PathakFor Respondent: Shri S.P. Walimbe
Section 143(3)Section 14A

…Mr. Walimbe has placed strong reliance on both the lower authorities’ orders. 4. We have given thoughtful consideration to the foregoing rival submissions and find force in assessee’s stand. The Case-law in ACIT Vs. Vireet Investments (P) Ltd. Vs. ACIT (2015) 165 ITD 27 (Del) (SB) and ACB India Ltd. Vs. CIT (2015) 374 ITR 108 (Del) has already decided the instant issue that as assesses investments yielding exempt only have to be taken into consideration whilst computing sec. 14A r.w.rule 8D. We thus uphold the impugned disallowance in principle and leave it open for the Assessing Officer to recompute the same as…

Kolte Patil Developers Ltd, Pune vs. Deputy Commissioner of Income-Tax, Central Circle 1(1), Pune

Appeals are partly allowed for statistical purpsoes in above terms

ITA 644/PUN/2020[2014-15]Status: DisposedITAT Pune07 Jul 2022AY 2014-15
For Appellant: Shri Nikhil PathakFor Respondent: Shri S.P. Walimbe
Section 143(3)Section 14A

…Mr. Walimbe has placed strong reliance on both the lower authorities’ orders. 4. We have given thoughtful consideration to the foregoing rival submissions and find force in assessee’s stand. The Case-law in ACIT Vs. Vireet Investments (P) Ltd. Vs. ACIT (2015) 165 ITD 27 (Del) (SB) and ACB India Ltd. Vs. CIT (2015) 374 ITR 108 (Del) has already decided the instant issue that as assesses investments yielding exempt only have to be taken into consideration whilst computing sec. 14A r.w.rule 8D. We thus uphold the impugned disallowance in principle and leave it open for the Assessing Officer to recompute the same as…

Kolte Patil Developers Ltd, Pune vs. Deputy Commissioner of Income-Tax Central Circle 1(1), Pune

Appeals are partly allowed for statistical purpsoes in above terms

ITA 643/PUN/2020[2013-14]Status: DisposedITAT Pune07 Jul 2022AY 2013-14
For Appellant: Shri Nikhil PathakFor Respondent: Shri S.P. Walimbe
Section 143(3)Section 14A

…Mr. Walimbe has placed strong reliance on both the lower authorities’ orders. 4. We have given thoughtful consideration to the foregoing rival submissions and find force in assessee’s stand. The Case-law in ACIT Vs. Vireet Investments (P) Ltd. Vs. ACIT (2015) 165 ITD 27 (Del) (SB) and ACB India Ltd. Vs. CIT (2015) 374 ITR 108 (Del) has already decided the instant issue that as assesses investments yielding exempt only have to be taken into consideration whilst computing sec. 14A r.w.rule 8D. We thus uphold the impugned disallowance in principle and leave it open for the Assessing Officer to recompute the same as…

Bharat Forge Ltd, Pune vs. Deputy Commissioner of Income-Tax, Circle - 1 (1), Pune

Appeals are partly allowed in above terms

ITA 354/PUN/2019[2015-16]Status: DisposedITAT Pune07 Jul 2022AY 2015-16
For Appellant: Shri Nikhil PathakFor Respondent: Shri S.P. Walimbe
Section 143(3)Section 14ASection 35

…ted the impugned disallowance thereby taking into consideration assessee’s entire investments than only those yielding exempt income(s) in the corresponding assessment year. He quotes Special Bench Order in ACIT Vs. Vireet Investments (P) Ltd. Vs. ACIT (2017) 165 ITD 27 (Del) (SB) and ACB India Ltd. Vs. CIT (2015) 374 ITR 108 (Del) in assessee’s favour. 4. The Revenue has placed strong reliance on the lower authorities’ action making this impugned disallowance. 5. We have given thoughtful consideration to the foregoing contentions and find merit in asssessee’s arguments. We note with able assistance coming from…

Bharat Forge Ltd, Pune vs. Deputy Commissioner of Income-Tax, Circle - 1 (1), Pune

Appeals are partly allowed in above terms

ITA 353/PUN/2019[2013-14]Status: DisposedITAT Pune07 Jul 2022AY 2013-14
For Appellant: Shri Nikhil PathakFor Respondent: Shri S.P. Walimbe
Section 143(3)Section 14ASection 35

…ted the impugned disallowance thereby taking into consideration assessee’s entire investments than only those yielding exempt income(s) in the corresponding assessment year. He quotes Special Bench Order in ACIT Vs. Vireet Investments (P) Ltd. Vs. ACIT (2017) 165 ITD 27 (Del) (SB) and ACB India Ltd. Vs. CIT (2015) 374 ITR 108 (Del) in assessee’s favour. 4. The Revenue has placed strong reliance on the lower authorities’ action making this impugned disallowance. 5. We have given thoughtful consideration to the foregoing contentions and find merit in asssessee’s arguments. We note with able assistance coming from…

Bharat Forge Ltd, Pune vs. Deputy Commissioner of Income-Tax, Circle - 1(1), Pune

Appeals are partly allowed in above terms

ITA 1593/PUN/2019[2016-17]Status: DisposedITAT Pune07 Jul 2022AY 2016-17
For Appellant: Shri Nikhil PathakFor Respondent: Shri S.P. Walimbe
Section 143(3)Section 14ASection 35

…ted the impugned disallowance thereby taking into consideration assessee’s entire investments than only those yielding exempt income(s) in the corresponding assessment year. He quotes Special Bench Order in ACIT Vs. Vireet Investments (P) Ltd. Vs. ACIT (2017) 165 ITD 27 (Del) (SB) and ACB India Ltd. Vs. CIT (2015) 374 ITR 108 (Del) in assessee’s favour. 4. The Revenue has placed strong reliance on the lower authorities’ action making this impugned disallowance. 5. We have given thoughtful consideration to the foregoing contentions and find merit in asssessee’s arguments. We note with able assistance coming from…

Adurjee & Bros Pvt.Ltd, Pune vs. Deputy Commissioner of Income-Tax, Circle - 1 (1), Pune

In the result, the appeal is partly allowed for statistical

ITA 426/PUN/2019[2015-16]Status: DisposedITAT Pune06 Jul 2022AY 2015-16

Bench: Shri R.S. Syal & Shri S.S. Viswanethra Raviआयकर अपील सं. / Ita No.426/Pun/2019 "नधा"रण वष" / Assessment Year : 2015-16

Section 14A

…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. 3 Adurjee & Bros Pvt. Ltd., Vireet Investments (P) Ltd. (2017) 165 ITD 27 (Del) (SB). In view of the afore referred precedents, we set aside the impugned order to this extent and remit the matter to the file of the AO for re-computing the disallowance under Rule 8D(2)(iii) by considering only such investments, in calculating the average value of investments, which yielded exempt income during the year. The assessee wi…

DCIT Circle- 2(1)(1), Mumbai vs. M/S Bombay Dyeing & Manufacturing Co. Ltd, Mumbai

ITA 928/MUM/2020[2009-10]Status: DisposedITAT Mumbai05 Jul 2022AY 2009-10

Bench: Shri Kuldip Singh & Shri Gagan Goyalassessment Year : 2009-10 & Assessment Year: 2010-11

For Appellant: Shri Yogesh Thar, A.RFor Respondent: Dr. Yogesh Kamar, D.R
Section 145Section 14ASection 92CSection 92F

…section 14A read with rule 8D of the Act, no disallowance is sustainable under section 14A read with rule 8D under MAT computation under section 115JB of the Act as has been held by Special Bench of the Tribunal in case of ACIT vs. Vireet Investment Pvt. Ltd. 165 ITD 27 (SB). So Ground No.2 of A.Y. 2009-10, 2010-11 & ground No.14 of A.Y. 2013-14 are decided against the Revenue. Ground No.3 of A.Y. 2009-10, 2010-11 bearing ITA No.928/M/2010 & ITA No.3299/M/2019 and Ground Nos.1 to 7 of A.Y. 2013-14 bearing ITA Nos.2799/M/2019 10. Ld. Transfer Pricing Officer (TPO)/AO/CIT made transfer pricing adjustment qua inte…

ACIT, Circle - 2(1)(1), Mumbai vs. The Bombay Dyeing & Mfg. Co. Ltd., Mumbai

ITA 3299/MUM/2019[2010-11]Status: DisposedITAT Mumbai05 Jul 2022AY 2010-11

Bench: Shri Kuldip Singh & Shri Gagan Goyalassessment Year : 2009-10 & Assessment Year: 2010-11

For Appellant: Shri Yogesh Thar, A.RFor Respondent: Dr. Yogesh Kamar, D.R
Section 145Section 14ASection 92CSection 92F

…section 14A read with rule 8D of the Act, no disallowance is sustainable under section 14A read with rule 8D under MAT computation under section 115JB of the Act as has been held by Special Bench of the Tribunal in case of ACIT vs. Vireet Investment Pvt. Ltd. 165 ITD 27 (SB). So Ground No.2 of A.Y. 2009-10, 2010-11 & ground No.14 of A.Y. 2013-14 are decided against the Revenue. Ground No.3 of A.Y. 2009-10, 2010-11 bearing ITA No.928/M/2010 & ITA No.3299/M/2019 and Ground Nos.1 to 7 of A.Y. 2013-14 bearing ITA Nos.2799/M/2019 10. Ld. Transfer Pricing Officer (TPO)/AO/CIT made transfer pricing adjustment qua inte…

ACIT, Circle - 2(1)(1), Mumbai vs. The Bombay Dyeing & Mfg. Co. Ltd., Mumbai

ITA 2779/MUM/2019[2013-14]Status: DisposedITAT Mumbai05 Jul 2022AY 2013-14

Bench: Shri Kuldip Singh & Shri Gagan Goyalassessment Year : 2009-10 & Assessment Year: 2010-11

For Appellant: Shri Yogesh Thar, A.RFor Respondent: Dr. Yogesh Kamar, D.R
Section 145Section 14ASection 92CSection 92F

…section 14A read with rule 8D of the Act, no disallowance is sustainable under section 14A read with rule 8D under MAT computation under section 115JB of the Act as has been held by Special Bench of the Tribunal in case of ACIT vs. Vireet Investment Pvt. Ltd. 165 ITD 27 (SB). So Ground No.2 of A.Y. 2009-10, 2010-11 & ground No.14 of A.Y. 2013-14 are decided against the Revenue. Ground No.3 of A.Y. 2009-10, 2010-11 bearing ITA No.928/M/2010 & ITA No.3299/M/2019 and Ground Nos.1 to 7 of A.Y. 2013-14 bearing ITA Nos.2799/M/2019 10. Ld. Transfer Pricing Officer (TPO)/AO/CIT made transfer pricing adjustment qua inte…

Tata Housing Development Company Ltd., Mumbai vs. DCIT- 8(3)(1), Mumbai

In the result, the appeal filed by the assessee ITA

ITA 3491/MUM/2019[2015-16]Status: DisposedITAT Mumbai28 Jun 2022AY 2015-16

Bench: Shri Pavan Kumar Gadale & Shri Amarjit Singhm/S Tata Housing Vs. Dcit – 8(3)(1) Development Company Room No. 615, Ltd.,E Block, Voltas Aayakar Bhavan, Compound, Tb Kadam Mk Marg, Marg, Chinchpokli, Mumbai – 400020. Mumbai – 400033. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. :Aaact0191Q Appellant .. Respondent Dcit – 8(3)(1) Vs. M/S. Tata Housing Room No. 615, Aayakar Development Company Bhavan, Ltd.,E Block, Voltas Mk Marg, Compound, Tb Kadam Mumbai – 400020. Marg, Chinchpokli, Mumbai – 400033. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. :Aaact0191Q Appellant .. Respondent

For Appellant: Shri.Madhur Agarwal.ARFor Respondent: Shri.Ajay Kumar. CIT DR
Section 115JSection 143(2)Section 143(3)Section 14ASection 36(1)Section 36(1)(iii)

…allenged the order of the Ld.CIT(A) in restricting the disallowance to the exempt income. Ld. Counsel for the assessee submits that the ratio of the decision of the Special Bench of the Delhi Tribunal in the case of ACIT v. Vireet Investments Private Limited [165 ITD 27] may be followed and only those investments which yielded exempt income may be considered for computing the disallowance. 11. We have heard the rival submissions, perused the orders of the authorities below. In so far as the interest disallowance is concerned we find that the Ld.CIT(A) following the decision of the Hon'ble Bombay High Court in the…

The JCIT (OSD), Cirelce-1(1)(1), Ahmedabad vs. Mieza School Pvt. Ltd(Formerly Known As Arihant Arcade Pvt. Ltd), Surat

In the result, ground number 2 of the Revenue’s appeal is hereby dismissed

ITA 772/AHD/2019[2012-13]Status: DisposedITAT Ahmedabad24 Jun 2022AY 2012-13
For Appellant: Shri P.D. Shah, A.RFor Respondent: Shri Mohd Usman, CIT-D.R
Section 14ASection 68

…s 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) and also the case of Poonawalla Finance Pvt. Ltd. Vs DCIT (ITAT Pune) ITA No. 1589/PUN/2019. Accordingly, we find no infirmity in the order of the Ld. CIT(Appeals) when he held that if the assessee had sufficient funds for making investments in shares and interest free bonds and it had not used borrowed funds for such purpose, no disall…

M/S Indeco Ventures Limited (Previously Known As M/S Karumuthu Finance P Ltd), Chennai vs. DCIT Corporate Circle 4 (2), Chennai

In the result, the appeals filed by the assessee for both the

ITA 1082/CHNY/2018[2013-14]Status: DisposedITAT Chennai22 Jun 2022AY 2013-14

Bench: Shri Mahavir Singh, Hon’Ble & Shri G. Manjunatha, Hon’Ble

For Appellant: Mr.S.Sridhar, AdvFor Respondent: Mr.P.Muthushankar, Addl.CIT
Section 14A

…e on record, we find forces in the arguments of the Ld.AR for the assessee for the simple reason that it is a well settled principle of law by the decision of the Hon’ble Delhi High Court in the case of ACIT v. Vireet Investments Pvt. Ltd. reported in [2017] 165 ITD 27 (Del.) that only those investments which yielded exempt income for the relevant assessment years, needs to be ITA Nos.1081 & 1082/Chny/2018 :: 9 :: considered for the purpose of disallowance u/s.14A of the Act. In this case, the AO has considered total investment including those investments which does not yield any exempt income. Therefore, we a…

M/S Indeco Ventures Limited (Previously Known As M/S Karumuthu Finance P Ltd), Chennai vs. DCIT Corporate Circle 4 (2), Chennai

In the result, the appeals filed by the assessee for both the

ITA 1081/CHNY/2018[2012-13]Status: DisposedITAT Chennai22 Jun 2022AY 2012-13

Bench: Shri Mahavir Singh, Hon’Ble & Shri G. Manjunatha, Hon’Ble

For Appellant: Mr.S.Sridhar, AdvFor Respondent: Mr.P.Muthushankar, Addl.CIT
Section 14A

…e on record, we find forces in the arguments of the Ld.AR for the assessee for the simple reason that it is a well settled principle of law by the decision of the Hon’ble Delhi High Court in the case of ACIT v. Vireet Investments Pvt. Ltd. reported in [2017] 165 ITD 27 (Del.) that only those investments which yielded exempt income for the relevant assessment years, needs to be ITA Nos.1081 & 1082/Chny/2018 :: 9 :: considered for the purpose of disallowance u/s.14A of the Act. In this case, the AO has considered total investment including those investments which does not yield any exempt income. Therefore, we a…

Suyash Auto Press Components and Assemblys Pvt. Ltd, Pune vs. Assistant Commissioner of Income-Tax, Circle -6, Pune

In the result, the appeal of the assessee is partly allowed for statistical purposes

ITA 564/PUN/2020[2016-17]Status: DisposedITAT Pune13 Jun 2022AY 2016-17

Bench: Or During The Course Of Hearing Of The Case.

For Appellant: Shri Rohit TapadiaFor Respondent: Shri M.G. Jasanani
Section 14A

…s 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) holding that only those investments should be considered 3 Suyash Auto Press A.Y. 2016-17 for computing average value of investments which yield exempt income during the year. 7. The ld. AR contended that the assessee did not earn any exempt income from the partnership firms and hence such investments should be excluded. Since the rel…

Hindusthan Feeds Manufacturing Company, Satara vs. Assistant Commissioner of Income-Tax, Satara Circle, Satara

Appeal is partly allowed in above terms

ITA 2085/PUN/2017[2014-15]Status: DisposedITAT Pune10 Jun 2022AY 2014-15

Bench: Shri S.S.Godara, Jm & Shri Dr. Dipak P. Ripote, Am आयकर अपीऱ सं. / Ita No.2085/Pun/2017 ननधधारण वषा / Assessment Year : 2014-15 Hindustan Feeds Manufacturing Company, L-4, Additional Midc, Satara – 415 004. .......अपऩलधथी / Appellant Pan : Aabfh6485P बनधम / V/S. ……प्रत्यथी / Respondent Acit, Satara Circle, Satara

For Appellant: Shri D.G. KurundwadkarFor Respondent: Shri S. P. Walimbe
Section 143(3)Section 14A

…lower authorities have not computed the impugned disallowance of administrative expenditure after taking into consideration only the investments yielding exempt income or the actual amount; as the case may be as per ACIT V/s Vineet Investment Pvt. Ltd. (2017) 165 ITD 27 (Del.)(SB). Faced with this situation, we direct the learned Assessing Officer to frame his afresh computation as per law with a rider that in case impugned disallowance exceeds the one already in issue Rs.10,04,932/-, the same shall be restricted to the extent of exempt income only in light of Joint Investments Ltd V/s ACIT (2015) 374 ITR 94. Or…