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.

Hathway Investment P. Ltd., Mumbai vs. The Pr. CIT -12, Mumbai

ITA 1599/MUM/2020[2015-16]Status: DisposedITAT Mumbai10 Jun 2022AY 2015-16

Bench: Shri Vikas Awasthy & Shri Gagan Goyalआअसं.1599/मुं/2020 ("न.व. 2015-16) Hathway Investments Private Limited. Rahejas, 4Th Floor, Corner Of Main Avenue & V.P.Road, Santacruz (West), Mumbai 400 054. Pan: Aaach-1675-B ...... अपीलाथ" /Appellant बनाम Vs. The Principal Commissioner Of Income Tax-12, Mumbai, Room No.127, 1St Floor, Aaykar Bhavan, M.K.Road, Mumbai 400 020 ..... ""तवाद"/Respondent अपीलाथ" "वारा/ Appellant By : Shri Vijay Mehta ""तवाद" "वारा/Respondent By : Shri Ajay Chandra सुनवाई क" "त"थ/ Date Of Hearing : 15/03/2022 घोषणा क" "त"थ/ Date Of Pronouncement : 10/06/2022 आदेश/ Order

For Appellant: Shri Vijay MehtaFor Respondent: Shri Ajay Chandra
Section 143(3)Section 263

…t raised by the 7 assessee in appeal, however, there was specific finding by the CIT(A) in line with the law expounded by Hon’ble Apex Court. The CIT(A) finally decided the issue following the order of Special Bench in the case of Vireet Investment Pvt. Ltd. 58 ITR (Trib) 313(Del-SB) holding only dividend yielding investments be considered for computing disallowance under Rule 8D(2)(iii). Since, the issue which was subsequently taken up by the PCIT in proceedings under section 263 of the Act was adjudicated in the First Appellate proceedings the Explanation - 1(c) to section 263 gets attracted. Once, the issue h…

Mohsin Ali Vakil, New Delhi vs. ACIT, Circle-26(1), New Delhi

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

ITA 6763/DEL/2018[2015-16]Status: DisposedITAT Delhi10 Jun 2022AY 2015-16

Bench: Shri G.S. Pannu, Hon’Ble & Shri Challa Nagendra Prasadआ.अ.सं/.I.T.A No.6763/Del/2018 िनधा"रणवष"/Assessment Year: 2015-16 बनाम Mohsin Ali Vakil Acit D-36 (Basement), Vs. Circle 26(1) South Extension, Part-Ii, New Delhi. New Delhi. Pan No. Aaxpv2510R अपीलाथ" Appellant ""यथ"/Respondent

Section 14A

…these unquoted shares should not have been considered as part of average value of investments for disallowance at 0.5%. We find force in the contention of the assessee. The Special Bench of ITAT Delhi in the case of ACIT vs. Vireet Investment Pvt. Limited (165 ITD 27) held that only those investments which yielded exempt income during the year are to I.T.A.No.6763/Del/2018 be considered for computing the average value of investments for the purpose of disallowance under rule 8D(2)(iii). Respectfully following the said decision, we direct the Assessing Officer to exclude the unquoted equity shares of Rs.8,35…

Pramod B Ranka, Pune vs. Deputy Commissioner of Income-Tax, Circle - 5, Pune

Appeal is allowed for statistical purposes in above terms

ITA 2712/PUN/2017[2013--14]Status: DisposedITAT Pune08 Jun 2022

Bench: Shri S.S.Godara, Jm & Shri Dr. Dipak P. Ripote, Am आयकर अपीऱ सं. / Ita No.2712/Pun/2017 ननधधारण वषा / Assessment Year : 2013-14

For Appellant: Shri Kisore B PhadkeFor Respondent: Shri S. P. Walimbe
Section 143(3)Section 14A

…e herein. Coupled with this there is no indication that the learned lower authorities 3 Shri Pramod B. Ranka, have made administrative expenses disallowance going by the investments yielding exempt income only in light of ACIT Vs. Vineet Investments (P) Ltd 165 ITD 27 (Delhi) (SB) and (2013) 144 ITD 141(Kolkata) REI Agro Ltd. Vs. DCIT. We thus restore both these issues qua the impugned u/s. 14A rule 8D disallowance; back to the Assessing Officer in very terms. Ordered accordingly. 5. This assessee’s appeal is allowed for statistical purposes in above terms. Order pronounced in the Open Court on this 8th day o…

M/S. Devaraj Urs Educational Trust for Backward Classes (Regd), Kolar vs. Principal Commissioner of Income Tax (Central), Bangalore

In the result, appeal filed by the assessee is allowed

ITA 155/BANG/2022[2020-21]Status: DisposedITAT Bangalore08 Jun 2022AY 2020-21

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year: Na

For Appellant: Sri Ramasubramaniyan, A.RFor Respondent: Sri Pradeep Kumar, D.R
Section 11Section 12ASection 132Section 143(2)Section 143(3)Section 153A

…1 CTR 241 (SC) wherein it was held that opportunity of cross-examination not given leads to nullity and assessment order to be quashed. It is also pertinent to mention herein the decision of Special Bench of the Tribunal in ACIT v. Vireet Investments (P) Ltd. 165 ITD 27 (Delhi – Trib.) (SB) wherein it was held that when two reasonable constructions of a taxing provision are possible, that construction which favours the assessee must be adopted, which is in line with the Supreme Court judgment in the case of CIT v. Vegetable Products, 88 ITR 192 (SC). This is a well- accepted construction recognized by various cou…

Gmr Highways Limited, Bengaluru vs. Deputy Commissioner of Income Tax, Circle- 3(1)(2), Bangalore

In the result, Ground no. 1 raised for A

ITA 495/BANG/2020[2016-17]Status: DisposedITAT Bangalore25 May 2022AY 2016-17

Bench: Shri. Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri Yogesh A Thar, CA
Section 14ASection 201Section 234B

…/s. GMR Enterprises Private Limited in ITA No. 2145, 2146 & 2148/Bang/2016 for AY 2020-11 to 2012-13 [Page no. 485-492 of LPB-2] • ACB India Ltd. Vs. ACIT (62 taxmann.com 71) (Del. HC) [Page no. 493-495 of LPB-2] • ACIT Vs. Vireet Investments (P.) Ltd. (2017) 165 ITD 27 (Del. Trib. SB) [Page no. 496-526 of LPB-2] • J V Holdings Pvt Ltd v. DCIT (ITA No.1337/Bang/2018) [Page no. 527-538 of LPB-2] • Ms. Zee Media Corporation Ltd v.CIT(ITA No.2695-M-2016)(Mum-Trib) [Page no. 539-553 of LPB-2] Page 25 of 46 ITA Nos. 1705, 1622, 1599, 1600, 1741 to 1744/Bang/2017, C.O. Nos. 111 to 114/Bang/2017, ITA Nos. 1643/Bang/201…

Gmr Highways Limited, Bengaluru vs. Deputy Commissioner of Income Tax, Circle 3(1)(2), Bangalore

In the result, Ground no. 1 raised for A

ITA 1643/BANG/2019[2015-16]Status: DisposedITAT Bangalore25 May 2022AY 2015-16

Bench: Shri. Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri Yogesh A Thar, CA
Section 14ASection 201Section 234B

…/s. GMR Enterprises Private Limited in ITA No. 2145, 2146 & 2148/Bang/2016 for AY 2020-11 to 2012-13 [Page no. 485-492 of LPB-2] • ACB India Ltd. Vs. ACIT (62 taxmann.com 71) (Del. HC) [Page no. 493-495 of LPB-2] • ACIT Vs. Vireet Investments (P.) Ltd. (2017) 165 ITD 27 (Del. Trib. SB) [Page no. 496-526 of LPB-2] • J V Holdings Pvt Ltd v. DCIT (ITA No.1337/Bang/2018) [Page no. 527-538 of LPB-2] • Ms. Zee Media Corporation Ltd v.CIT(ITA No.2695-M-2016)(Mum-Trib) [Page no. 539-553 of LPB-2] Page 25 of 46 ITA Nos. 1705, 1622, 1599, 1600, 1741 to 1744/Bang/2017, C.O. Nos. 111 to 114/Bang/2017, ITA Nos. 1643/Bang/201…

Assistant Commissioner of Income Tax, Central Circle-2(2), Bengaluru vs. M/S. Gmr Infrastructure Limited, Bengaluru

In the result, Ground no. 1 raised for A

ITA 1744/BANG/2017[2013-14]Status: DisposedITAT Bangalore25 May 2022AY 2013-14

Bench: Shri. Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri Yogesh A Thar, CA
Section 14ASection 201Section 234B

…/s. GMR Enterprises Private Limited in ITA No. 2145, 2146 & 2148/Bang/2016 for AY 2020-11 to 2012-13 [Page no. 485-492 of LPB-2] • ACB India Ltd. Vs. ACIT (62 taxmann.com 71) (Del. HC) [Page no. 493-495 of LPB-2] • ACIT Vs. Vireet Investments (P.) Ltd. (2017) 165 ITD 27 (Del. Trib. SB) [Page no. 496-526 of LPB-2] • J V Holdings Pvt Ltd v. DCIT (ITA No.1337/Bang/2018) [Page no. 527-538 of LPB-2] • Ms. Zee Media Corporation Ltd v.CIT(ITA No.2695-M-2016)(Mum-Trib) [Page no. 539-553 of LPB-2] Page 25 of 46 ITA Nos. 1705, 1622, 1599, 1600, 1741 to 1744/Bang/2017, C.O. Nos. 111 to 114/Bang/2017, ITA Nos. 1643/Bang/201…

Assistant Commissioner of Income Tax, Central Circle-2(2), Bangalore vs. M/S. Gmr Infrastructure Limited, Bengaluru

In the result, Ground no. 1 raised for A

ITA 1743/BANG/2017[2012-13]Status: DisposedITAT Bangalore25 May 2022AY 2012-13

Bench: Shri. Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri Yogesh A Thar, CA
Section 14ASection 201Section 234B

…/s. GMR Enterprises Private Limited in ITA No. 2145, 2146 & 2148/Bang/2016 for AY 2020-11 to 2012-13 [Page no. 485-492 of LPB-2] • ACB India Ltd. Vs. ACIT (62 taxmann.com 71) (Del. HC) [Page no. 493-495 of LPB-2] • ACIT Vs. Vireet Investments (P.) Ltd. (2017) 165 ITD 27 (Del. Trib. SB) [Page no. 496-526 of LPB-2] • J V Holdings Pvt Ltd v. DCIT (ITA No.1337/Bang/2018) [Page no. 527-538 of LPB-2] • Ms. Zee Media Corporation Ltd v.CIT(ITA No.2695-M-2016)(Mum-Trib) [Page no. 539-553 of LPB-2] Page 25 of 46 ITA Nos. 1705, 1622, 1599, 1600, 1741 to 1744/Bang/2017, C.O. Nos. 111 to 114/Bang/2017, ITA Nos. 1643/Bang/201…

Assistant Commissioner of Income Tax, Central Circle-2(2), Bengaluru vs. M/S. Gmr Infrastructure Limited, Bengaluru

In the result, Ground no. 1 raised for A

ITA 1742/BANG/2017[2011-12]Status: DisposedITAT Bangalore25 May 2022AY 2011-12

Bench: Shri. Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri Yogesh A Thar, CA
Section 14ASection 201Section 234B

…/s. GMR Enterprises Private Limited in ITA No. 2145, 2146 & 2148/Bang/2016 for AY 2020-11 to 2012-13 [Page no. 485-492 of LPB-2] • ACB India Ltd. Vs. ACIT (62 taxmann.com 71) (Del. HC) [Page no. 493-495 of LPB-2] • ACIT Vs. Vireet Investments (P.) Ltd. (2017) 165 ITD 27 (Del. Trib. SB) [Page no. 496-526 of LPB-2] • J V Holdings Pvt Ltd v. DCIT (ITA No.1337/Bang/2018) [Page no. 527-538 of LPB-2] • Ms. Zee Media Corporation Ltd v.CIT(ITA No.2695-M-2016)(Mum-Trib) [Page no. 539-553 of LPB-2] Page 25 of 46 ITA Nos. 1705, 1622, 1599, 1600, 1741 to 1744/Bang/2017, C.O. Nos. 111 to 114/Bang/2017, ITA Nos. 1643/Bang/201…

Assistant Commissioner of Income Tax Central Circle-2(2), Bangalore vs. M/S Gmr Infrastructure Ltd, Bangalore

In the result, Ground no. 1 raised for A

ITA 1741/BANG/2017[2010-11]Status: DisposedITAT Bangalore25 May 2022AY 2010-11

Bench: Shri. Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri Yogesh A Thar, CA
Section 14ASection 201Section 234B

…/s. GMR Enterprises Private Limited in ITA No. 2145, 2146 & 2148/Bang/2016 for AY 2020-11 to 2012-13 [Page no. 485-492 of LPB-2] • ACB India Ltd. Vs. ACIT (62 taxmann.com 71) (Del. HC) [Page no. 493-495 of LPB-2] • ACIT Vs. Vireet Investments (P.) Ltd. (2017) 165 ITD 27 (Del. Trib. SB) [Page no. 496-526 of LPB-2] • J V Holdings Pvt Ltd v. DCIT (ITA No.1337/Bang/2018) [Page no. 527-538 of LPB-2] • Ms. Zee Media Corporation Ltd v.CIT(ITA No.2695-M-2016)(Mum-Trib) [Page no. 539-553 of LPB-2] Page 25 of 46 ITA Nos. 1705, 1622, 1599, 1600, 1741 to 1744/Bang/2017, C.O. Nos. 111 to 114/Bang/2017, ITA Nos. 1643/Bang/201…

Gmr Infrastructure Ltd, Bangalore vs. Deputy Commissioner of Income Tax, Central Circle-2(2), Bangalore

In the result, Ground no. 1 raised for A

ITA 1705/BANG/2017[2010-11]Status: DisposedITAT Bangalore25 May 2022AY 2010-11

Bench: Shri. Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri Yogesh A Thar, CA
Section 14ASection 201Section 234B

…/s. GMR Enterprises Private Limited in ITA No. 2145, 2146 & 2148/Bang/2016 for AY 2020-11 to 2012-13 [Page no. 485-492 of LPB-2] • ACB India Ltd. Vs. ACIT (62 taxmann.com 71) (Del. HC) [Page no. 493-495 of LPB-2] • ACIT Vs. Vireet Investments (P.) Ltd. (2017) 165 ITD 27 (Del. Trib. SB) [Page no. 496-526 of LPB-2] • J V Holdings Pvt Ltd v. DCIT (ITA No.1337/Bang/2018) [Page no. 527-538 of LPB-2] • Ms. Zee Media Corporation Ltd v.CIT(ITA No.2695-M-2016)(Mum-Trib) [Page no. 539-553 of LPB-2] Page 25 of 46 ITA Nos. 1705, 1622, 1599, 1600, 1741 to 1744/Bang/2017, C.O. Nos. 111 to 114/Bang/2017, ITA Nos. 1643/Bang/201…

Gmr Infrastructure Ltd, Bangalore vs. Deputy Commissioner of Income Tax, Central Circle-2(2), Bangalore

In the result, Ground no. 1 raised for A

ITA 1622/BANG/2017[2011-12]Status: DisposedITAT Bangalore25 May 2022AY 2011-12

Bench: Shri. Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri Yogesh A Thar, CA
Section 14ASection 201Section 234B

…/s. GMR Enterprises Private Limited in ITA No. 2145, 2146 & 2148/Bang/2016 for AY 2020-11 to 2012-13 [Page no. 485-492 of LPB-2] • ACB India Ltd. Vs. ACIT (62 taxmann.com 71) (Del. HC) [Page no. 493-495 of LPB-2] • ACIT Vs. Vireet Investments (P.) Ltd. (2017) 165 ITD 27 (Del. Trib. SB) [Page no. 496-526 of LPB-2] • J V Holdings Pvt Ltd v. DCIT (ITA No.1337/Bang/2018) [Page no. 527-538 of LPB-2] • Ms. Zee Media Corporation Ltd v.CIT(ITA No.2695-M-2016)(Mum-Trib) [Page no. 539-553 of LPB-2] Page 25 of 46 ITA Nos. 1705, 1622, 1599, 1600, 1741 to 1744/Bang/2017, C.O. Nos. 111 to 114/Bang/2017, ITA Nos. 1643/Bang/201…

Gmr Infrastructure Ltd, Bangalore vs. Deputy Commissioner of Income Tax, Central Circle-2(2), Bangalore

In the result, Ground no. 1 raised for A

ITA 1600/BANG/2017[2013-14]Status: DisposedITAT Bangalore25 May 2022AY 2013-14

Bench: Shri. Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri Yogesh A Thar, CA
Section 14ASection 201Section 234B

…/s. GMR Enterprises Private Limited in ITA No. 2145, 2146 & 2148/Bang/2016 for AY 2020-11 to 2012-13 [Page no. 485-492 of LPB-2] • ACB India Ltd. Vs. ACIT (62 taxmann.com 71) (Del. HC) [Page no. 493-495 of LPB-2] • ACIT Vs. Vireet Investments (P.) Ltd. (2017) 165 ITD 27 (Del. Trib. SB) [Page no. 496-526 of LPB-2] • J V Holdings Pvt Ltd v. DCIT (ITA No.1337/Bang/2018) [Page no. 527-538 of LPB-2] • Ms. Zee Media Corporation Ltd v.CIT(ITA No.2695-M-2016)(Mum-Trib) [Page no. 539-553 of LPB-2] Page 25 of 46 ITA Nos. 1705, 1622, 1599, 1600, 1741 to 1744/Bang/2017, C.O. Nos. 111 to 114/Bang/2017, ITA Nos. 1643/Bang/201…

Gmr Infrastructure Limited, Bangalore vs. Deputy Commissioner of Income Tax, Central Circle-2(2), Bangalore

In the result, Ground no. 1 raised for A

ITA 1599/BANG/2017[2012-13]Status: DisposedITAT Bangalore25 May 2022AY 2012-13

Bench: Shri. Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri Yogesh A Thar, CA
Section 14ASection 201Section 234B

…/s. GMR Enterprises Private Limited in ITA No. 2145, 2146 & 2148/Bang/2016 for AY 2020-11 to 2012-13 [Page no. 485-492 of LPB-2] • ACB India Ltd. Vs. ACIT (62 taxmann.com 71) (Del. HC) [Page no. 493-495 of LPB-2] • ACIT Vs. Vireet Investments (P.) Ltd. (2017) 165 ITD 27 (Del. Trib. SB) [Page no. 496-526 of LPB-2] • J V Holdings Pvt Ltd v. DCIT (ITA No.1337/Bang/2018) [Page no. 527-538 of LPB-2] • Ms. Zee Media Corporation Ltd v.CIT(ITA No.2695-M-2016)(Mum-Trib) [Page no. 539-553 of LPB-2] Page 25 of 46 ITA Nos. 1705, 1622, 1599, 1600, 1741 to 1744/Bang/2017, C.O. Nos. 111 to 114/Bang/2017, ITA Nos. 1643/Bang/201…

Poonawalla Finance Pvt.Ltd, (Earlier Known As Adar Poonawala Finvest Pvt.Ltd), Pune vs. Deputy Commissioner of Income-Tax, Central Circle -1 (1), Pune

In the result, the appeal is partly allowed for statistical

ITA 1589/PUN/2019[2013-14]Status: HeardITAT Pune23 May 2022AY 2013-14

Bench: Shri R.S. Syal & Shri S.S. Viswanethra Ravi"नधा"रण वष" / Assessment Year : 2013-14

Section 14A

…fined to those securities in respect of which exempt income is earned and not the total investments. Similar view has been taken 3 Poonawalla Finance 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…

Awas Developers & Construction Pvt. Ltd., Mumbai vs. ACIT Cent. Cir. 5(4), Mumbai

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

ITA 2721/MUM/2016[2010-11]Status: DisposedITAT Mumbai17 May 2022AY 2010-11
Section 115JSection 14ASection 8D(2)(iii)

…/s 14A of the Act to the net profit while computing book profit u/s 115JB of the Act. We notice that the direction so given by Ld CIT(A) is in contradiction with the decision rendered by Special bench of Delhi Tribunal in the case of Vireet Investments P Ltd (165 ITD 27), where in it was held that the disallowance computed u/s 14A of the Act cannot be adopted for making addition under clause (f) of Explanation 1 to sec.115JB, meaning thereby, the addition for the purpose of sec.115JB has to be computed independently out of the relevant financial statements. Accordingly, we set aside the order passed by Ld CIT(A)…

M/S. Chambal Fertilizers and Chemicals Limited, Kota vs. Assistant Commissioner of Income Tax, Circle-2, Kota

In the result, appeal of the revenue is dismissed

ITA 744/JPR/2018[2014-15]Status: DisposedITAT Jaipur13 May 2022AY 2014-15
For Appellant: Shri Percy PardiwallaFor Respondent: Shri Sanjay Dhariwal (CIT)
Section 40A(2)(b)

…t year and there has been no dividend income in respect of investment in subsidiary, the said investment would not form part of disallowance under section 14A of the Act. 15.13. The Special Bench of the Tribunal in ACIT v. Vireet Investment Pvt. Ltd. (2017) 165 ITD 27 (Del)(SB) held that as per rule 8D(2)(iii), only those investments were to be considered for computing average value of investments which yielded exempt income during the year under consideration. 15.14. The Delhi High Court in Cheminvest Limited v. CIT (2015) 378 ITR 33 (Del) which held that the expression ‘does not form part of the total inc…

Chambal Fertilisers and Chemicals Limited, Kota vs. ACIT, Kota

In the result, appeal of the revenue is dismissed

ITA 291/JPR/2017[2013-14]Status: DisposedITAT Jaipur13 May 2022AY 2013-14
For Appellant: Shri Percy PardiwallaFor Respondent: Shri Sanjay Dhariwal (CIT)
Section 40A(2)(b)

…t year and there has been no dividend income in respect of investment in subsidiary, the said investment would not form part of disallowance under section 14A of the Act. 15.13. The Special Bench of the Tribunal in ACIT v. Vireet Investment Pvt. Ltd. (2017) 165 ITD 27 (Del)(SB) held that as per rule 8D(2)(iii), only those investments were to be considered for computing average value of investments which yielded exempt income during the year under consideration. 15.14. The Delhi High Court in Cheminvest Limited v. CIT (2015) 378 ITR 33 (Del) which held that the expression ‘does not form part of the total inc…

Chambal Fertilisers and Chemicals Limited, Kota vs. DCIT, Kota

In the result, appeal of the revenue is dismissed

ITA 201/JPR/2017[2012-13]Status: DisposedITAT Jaipur13 May 2022AY 2012-13
For Appellant: Shri Percy PardiwallaFor Respondent: Shri Sanjay Dhariwal (CIT)
Section 40A(2)(b)

…t year and there has been no dividend income in respect of investment in subsidiary, the said investment would not form part of disallowance under section 14A of the Act. 15.13. The Special Bench of the Tribunal in ACIT v. Vireet Investment Pvt. Ltd. (2017) 165 ITD 27 (Del)(SB) held that as per rule 8D(2)(iii), only those investments were to be considered for computing average value of investments which yielded exempt income during the year under consideration. 15.14. The Delhi High Court in Cheminvest Limited v. CIT (2015) 378 ITR 33 (Del) which held that the expression ‘does not form part of the total inc…

Tega Industries Ltd., Kolkata vs. DCIT, Circle - 12(2), Kolkata

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

ITA 1832/KOL/2018[2014-15]Status: DisposedITAT Kolkata09 May 2022AY 2014-15

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Manish Borad

Section 10Section 115JSection 144C(5)Section 14A

…ITA No. 1832/KOL/2018 A.Y. 2014-2015 Tega Industries Limited IN THE INCOME TAX APPELLATE TRIBUNAL, KOLKATA ‘C’ BENCH, KOLKATA Before Shri Rajpal Yadav, Vice-President (KZ) & Shri Manish Borad, Accountant Member I.T.A. No. 1832/KOL/2018 Assessment Year: 2014-2015 Tega Industries Limited,...........................................................Appellant 147, Block-G, New Alipore, Kolkata-700053 [PAN: AABCT2074M] -Vs.- Deputy Commissioner of Income Tax,....................................Respondent Circle-12(2), Kolkata, Aayakar Bhawan, P-7, Chowringhee Square, Kolkata-700069 Appearances by: Shri S.P. Chid…