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 Divyashree Infrastructure Projects Pvt Ltd, Bangalore vs. Deputy Commissioner of Income Tax Central Circle-2(3), Bangalore

In the result, all the appeals filed by the assessees, viz

ITA 2000/BANG/2018[2009-10]Status: DisposedITAT Bangalore26 Apr 2022AY 2009-10

Bench: Shri N.V. Vasudevan & Shri B.R. Baskaran

For Appellant: Shri V. Chandrashekhar &For Respondent: Shri Sumer Singh Meena, D.R
Section 143(3)Section 153C

…e amount of disallowance computed u/s 14A of the Act cannot be imported into the provisions of section 115JB of the Act. In this regard, he placed his reliance on the decision rendered by Delhi Special bench in the case of ACIT Vs. Vireet Investment Pvt. Ltd. 165 ITD 27. Aggrieved ITA Nos.1999 to 2012/Bang/2018 & ITA Nos.2142 to 2144/Bang/2018 M/s. Divyashree Infrastructure, Bangalore & M/s. Shyamaraju & Co. Pvt. Ltd., Bangalore Page 12 of 14 by the orders passed by Ld. CIT(A), the assessee has filed these appeals for assessment years 2008-09 to 2014-15. The revenue is aggrieved by the decision of Ld. CIT(A) i…

M/S Divyashree Infrastructure, Bangalore vs. Deputy Commissioner of Income Tax Central Circle-2(3), Bangalore

In the result, all the appeals filed by the assessees, viz

ITA 1999/BANG/2018[2008-09]Status: DisposedITAT Bangalore26 Apr 2022AY 2008-09

Bench: Shri N.V. Vasudevan & Shri B.R. Baskaran

For Appellant: Shri V. Chandrashekhar &For Respondent: Shri Sumer Singh Meena, D.R
Section 143(3)Section 153C

…e amount of disallowance computed u/s 14A of the Act cannot be imported into the provisions of section 115JB of the Act. In this regard, he placed his reliance on the decision rendered by Delhi Special bench in the case of ACIT Vs. Vireet Investment Pvt. Ltd. 165 ITD 27. Aggrieved ITA Nos.1999 to 2012/Bang/2018 & ITA Nos.2142 to 2144/Bang/2018 M/s. Divyashree Infrastructure, Bangalore & M/s. Shyamaraju & Co. Pvt. Ltd., Bangalore Page 12 of 14 by the orders passed by Ld. CIT(A), the assessee has filed these appeals for assessment years 2008-09 to 2014-15. The revenue is aggrieved by the decision of Ld. CIT(A) i…

Ratna Commercial Enterprises P.Ltd, New Delhi vs. Dcitcirclr-20(1), New Delhi

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

ITA 4970/DEL/2017[2012-13]Status: DisposedITAT Delhi25 Apr 2022AY 2012-13

Bench: Shri R.K. Panda & Shri N.K. Choudhryassessment Year: 2012-13 Ratna Commercial Enterprises P. Vs Dcit, Ltd., Circle-20(1), 4Th Floor, Punjabi Bhawan, New Delhi. 10, Rouse Avenue, New Delhi. Pan: Aaacr0354B (Appellant) (Respondent) Assessee By : Shri M.P. Rastogi, Advocate Revenue By : Shri T. Kipgen, Cit, Dr Date Of Hearing : 31.01.2022 Date Of Pronouncement : .04.2022 Order Per R.K. Panda, Am: This Appeal Filed By The Assessee Is Directed Against The Order Dated 12Th May, 2017 Of The Cit(A)-36, New Delhi, For The Assessment Year 2012-13. 2. Ground Of Appeal No.1 Raised By The Assessee Reads As Under:-

For Appellant: Shri M.P. Rastogi, AdvocateFor Respondent: Shri T. Kipgen, CIT, DR
Section 115JSection 36(1)(vii)Section 37(1)

…e made under Rule 8D(2)(iii) of the IT Rules in respect of the shares on which no dividend has been received. For the above proposition, he 15 relied on the decision of the Special Bench of the Tribunal in the case of Vireet Investment Pvt. Ltd., reported in 165 ITD 27 and the decision of the Hon’ble Madras High Court in the case of CIT vs. Shriram Ownership Trust, reported in 318 CTR 233. 26. The ld. DR, on the other hand, heavily relied on the orders of the AO and the CIT(A). 27. We have heard the rival arguments made by both the sides, perused the orders of the AO and the CIT(A) and the paper book filed on b…

Tmf Holding Ltd., Mumbai vs. Pr. CIT -1, Mumbai

ITA 1628/MUM/2020[2015-16]Status: DisposedITAT Mumbai22 Apr 2022AY 2015-16

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Pavan Kumar Gadale, Hon'Bletmf Holdings Ltd., V. Pr.Cit – 1 {Formerly Known As Tata Motors Finance Ltd.,} 3Rd Floor, Room No. 330 10Th Floor, 106 A & B Aayakar Bhavan, M.K. Road Maker Chamber-Iii Mumbai - 400020 Nariman Point, Mumbai Pan: Aacct4644A (Appellant) (Respondent) Shri Nikhil Tiwari Assessee By : Department By : Shri S.N. Kabra

For Appellant: Department byFor Respondent: Shri S.N. Kabra
Section 115JSection 143(3)Section 14ASection 263Section 47

…eration. Reliance is placed on the following decisions wherein it is held that only those investments are to be considered for computing average value of investment which yielded exempt income during year:- 24 TMF Holdings Ltd., • Vireet Investments Pvt Ltd (165 ITD 27) (Del SB) (Refer page 453 to 456 of the legal paperbook) • Mahanagar Telephone Nigam Ltd (2020) (109 CCH 120) (Refer page 449 to 452 of the legal paperbook) D. No disallowance under section 14A should be made if sufficient own funds are available 66. The assessee wishes to submit that the assessee's interest free funds, i.e. Equity share capital a…

Pr. Commissioner of Income Tax-2 vs. M/S.J.J.Glastronics Pvt Ltd

The appeal stands dismissed

ITA/167/2021HC Karnataka13 Apr 2022

Bench: S.SUJATHA,J.M.KHAZI

Section 10Section 11Section 115JSection 12Section 143(3)Section 14ASection 254Section 260Section 260A

…tax, the same being not a mistake apparent on record. Nextly, it was submitted that the issue on hand has been squarely covered on merits by the decision of the Delhi ITAT Bench in the case of ACIT vs. Vireet Investment Private Ltd., reported in (2017) 58 ITR (Trib) 313. 5. We have carefully considered the submissions of the learned counsel appearing for the parties and perused the material on record. - 7 - 6. The main ground of the revenue for invoking Section 154 of the Act is that the book profit in terms of Explanation 1(f) to Section 115JB (2) is not being done. More p…

M/S. United Spirits Limited, Bengaluru vs. Deputy Commissioner of Income Tax, Circle-7(1)(1), Bengaluru

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

ITA 2701/BANG/2017[2013-14]Status: DisposedITAT Bangalore04 Apr 2022AY 2013-14

Bench: Shri George George K, Jm & Ms.Padmavathy S, Am It(Tp)A No.2701/Bang/2017 : Asst.Year 2013-2014 M/S.United Spirits Limited The Deputy Commissioner Of Ub Towers, Income-Tax, Circle 7(1)(1) V. No.24 Vittal Mallya Road Bangalore. Bangalore – 560 001. Pan : Aaccm8043J. (Appellant) (Respondent) Appellant By : Sri.Percy Pardiwala, Senior Advocate Respondent By : Sri.Pradeep Kumar, Cit-Dr Date Of Pronouncement : 05.04.2022 Date Of Hearing : 24.03.2022 O R D E R Per George George K, Jm : This Appeal At The Instance Of The Assessee Is Directed Against Final Assessment Order Dated 12.10.2017 Passed U/S 143(3) R.W.S. 144C(13) Of The I.T.Act. The Relevant Assessment Year Is 2013-2014. 2. The Brief Facts Of The Case Are As Follows: The Assessee Is A Company Engaged In The Manufacture & Sale Of Alcoholic Beverage. The Assessee Filed Its Return Of Income For The Assessment Year 2013-2014 On 28.11.2013 Which Was Selected For Scrutiny Assessment. During The Course Of Assessment, The Assessee’S Case Was Also Referred To The Transfer Pricing Officer (Tpo). The Tpo Vide Order Dated 26.10.2016, Recommended Transfer Pricing Adjustments. The A.O., Thereafter, Passed A Draft Assessment Order Dated 30.12.2016. 2 It(Tp)A No.2701/Bang/2017 M/S.United Spirits Limited.

For Appellant: Sri.Percy Pardiwala, Senior AdvocateFor Respondent: Sri.Pradeep Kumar, CIT-DR
Section 143(3)Section 14ASection 234BSection 234CSection 36(1)(iii)

…701/Bang/2017 M/s.United Spirits Limited. 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). 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 decision rendered by jurisdictional High Court in the cas…

Biz Secure Labs Pvt.Ltd, Pune vs. Deputy Commissioner of Income-Tax, Circle - 1(1), Pune

In the result, the appeal of the Revenue is dismissed and that

ITA 2603/PUN/2017[2013-14]Status: DisposedITAT Pune28 Mar 2022AY 2013-14

Bench: Shri R.S. Syal & Shri Sonjoy Sarma"नधा"रण वष" / Assessment Year : 2012-13 Biz Secure Labs Pvt. Ltd., Vs. Dcit, 1206, Sadashiv Peth, Circle- 1(1), Pune 411 030 Pune Pan : Aadcb6188L Appellant Respondent

Section 80I

…ies in respect of which exempt income is 23 Biz Secure Labs Pvt. Ltd. A.Yrs. 2012-13 & 2013-14 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). 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 ld. CIT(A) 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 ass…

Biz Secure Labs Private Limited, Pune vs. Deputy Commissioner of Income Tax, Pune

In the result, the appeal of the Revenue is dismissed and that

ITA 460/PUN/2017[2012-13]Status: DisposedITAT Pune28 Mar 2022AY 2012-13

Bench: Shri R.S. Syal & Shri Sonjoy Sarma"नधा"रण वष" / Assessment Year : 2012-13 Biz Secure Labs Pvt. Ltd., Vs. Dcit, 1206, Sadashiv Peth, Circle- 1(1), Pune 411 030 Pune Pan : Aadcb6188L Appellant Respondent

Section 80I

…ies in respect of which exempt income is 23 Biz Secure Labs Pvt. Ltd. A.Yrs. 2012-13 & 2013-14 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). 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 ld. CIT(A) 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 ass…

Deputy Commissioner of Income-Tax, Circle - 1(1), Pune vs. Biz Secure Labs Pvt.Ltd, Pune

In the result, the appeal of the Revenue is dismissed and that

ITA 2622/PUN/2017[2013-14]Status: DisposedITAT Pune28 Mar 2022AY 2013-14

Bench: Shri R.S. Syal & Shri Sonjoy Sarma"नधा"रण वष" / Assessment Year : 2012-13 Biz Secure Labs Pvt. Ltd., Vs. Dcit, 1206, Sadashiv Peth, Circle- 1(1), Pune 411 030 Pune Pan : Aadcb6188L Appellant Respondent

Section 80I

…ies in respect of which exempt income is 23 Biz Secure Labs Pvt. Ltd. A.Yrs. 2012-13 & 2013-14 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). 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 ld. CIT(A) 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 ass…

JCIT, Bengaluru vs. M/S Abb Ltd., Bengaluru

In the result, the appeal filed the assessee is partly allowed and the appeal filed the Revenue is dismissed

ITA 1837/BANG/2013[2008-09]Status: DisposedITAT Bangalore28 Mar 2022AY 2008-09

Bench: Shri George George K, Jm & Ms.Padmavathy S, Am

For Appellant: Sri.Percy Pardiwala, Sr.AdvocateFor Respondent: Sri Dilip, Advocate and Standing Counsel
Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCHES “C”, BANGALORE Before Shri George George K, JM & Ms.Padmavathy S, AM ITA No.1808/Bang/2013 : Asst.Year 2008-2009 M/s.ABB India Limited The Additional Commissioner (Formerly known as ABB Limited) of Income-tax, LTU v. Bangalore. 1st Floor, Khanija Bhavan East Wing, No.49, Race Course Road,Bangalore – 560 001. PAN : AAACA3834B. (Appellant) (Respondent) ITA No.1837/Bang/2013 : Asst.Year 2008-2009 The Additional Commissioner of M/s.ABB India Limited Income-tax, LTU 1st Floor, Khanija Bhavan v. Bangalore. East Wing, No.49, Race Course Road, Bangalore – 560 001. (A…

Abb India Ltd., Bengaluru vs. Addl.C.I.T, Bengaluru

In the result, the appeal filed the assessee is partly allowed and the appeal filed the Revenue is dismissed

ITA 1808/BANG/2013[2008-09]Status: DisposedITAT Bangalore28 Mar 2022AY 2008-09

Bench: Shri George George K, Jm & Ms.Padmavathy S, Am

For Appellant: Sri.Percy Pardiwala, Sr.AdvocateFor Respondent: Sri Dilip, Advocate and Standing Counsel
Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCHES “C”, BANGALORE Before Shri George George K, JM & Ms.Padmavathy S, AM ITA No.1808/Bang/2013 : Asst.Year 2008-2009 M/s.ABB India Limited The Additional Commissioner (Formerly known as ABB Limited) of Income-tax, LTU v. Bangalore. 1st Floor, Khanija Bhavan East Wing, No.49, Race Course Road,Bangalore – 560 001. PAN : AAACA3834B. (Appellant) (Respondent) ITA No.1837/Bang/2013 : Asst.Year 2008-2009 The Additional Commissioner of M/s.ABB India Limited Income-tax, LTU 1st Floor, Khanija Bhavan v. Bangalore. East Wing, No.49, Race Course Road, Bangalore – 560 001. (A…

The DCIT, Circle-4(1)(1), Ahmedabad vs. Sintex Industries Ltd., Ahmedabad

Appeal of the Revenue is dismissed

ITA 1477/AHD/2019[2015-16]Status: DisposedITAT Ahmedabad25 Mar 2022AY 2015-16
For Appellant: Shri Ajai Pratap Singh, CIT/D.RFor Respondent: Ms. Amrin Pathan, A.R
Section 10(34)Section 115JSection 14ASection 250(6)Section 263

…e by AO to the book profits u/s.115JB towards 15. Before us ld. Counsel for the assessee pointed out that the issue was covered in favour of the assessee by the decision of Special Bench of ITAT in the case of ACIT vs. Vireet Investment Pvt. Ltd. reported in 165 ITD 27. 16. Ld. D.R. was unable to controvert the above contention of the ld. Counsel for the assessee before us nor was able to bring to our notice any subsequent judgment of Hon’ble High Court or Hon’ble Supreme Court to the contrary. 17. We have heard both the parties and have also gone through the order of the Ld. CIT(A). As rightly pointed out by t…

Gujarat Apollo Industries Limited, Ahmedabad vs. The Dy. Commissioner of Income Tax, Circle-2(1)(1), Ahmedabad

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

ITA 681/AHD/2018[2014-15]Status: DisposedITAT Ahmedabad25 Mar 2022AY 2014-15

Bench: Ms.Annapurna Gupta & T.R. Senthil Kumarasstt.Year : 2014-15 The Dcit, Cir.2(1)(1) Gujarat Apollo Industries Ltd. Ahmedabad. ‘Apollo House’ Rashmi Society Nr.Mithakhali Six Roads Navrangpura Ahmedabad 380 009. Pan : Aaacg 7248 P

For Respondent: Shri Rameshkumar L. Sadhu
Section 115JSection 143(1)Section 143(3)Section 14ASection 195(2)Section 40

…ue i.e. whether amount of disallowance under section 14A is to be added to the income computed as per Section 115JB for MAT purpose or not, is covered in favour of the assessee by the decision of Special Bench in the case of ACIT Vs. Vireet Investment P.Ltd., 165 ITD 27 wherein Special Bench held that computation under MAT provisions was to be made without resorting to the computation as contemplated under section 14A read with Rule 8D. Respectfully following the same, we delete disallowance of Rs.3,98,520/- for the purpose of calculation of book profits u/s.115JB of the Act. 15. Now we take ground no.5 in respe…

DCIT 6 (3)(2), Mumbai vs. M/S Kilitch Healthcare India Ltd., Mumbai

In the result Revenue’s appeal is dismissed and assessee’s cross objection is held to be infructuous

ITA 7061/MUM/2019[2015-16]Status: DisposedITAT Mumbai23 Mar 2022AY 2015-16
Section 143(3)Section 14ASection 32Section 56(2)(vii)Section 56(2)(viia)Section 56(2)(viib)

…rule 8D(2)(iii) is concerned learned CIT(A) has directed to take average value of the investment on which no exempt income has been earned for making the computation. This view is supported by Special Bench decision of ITAT in the case of Vireet Investments (165 ITD 27). Hence we do not find any infirmity in the order of learned CIT(A) in this regard. Hence, we uphold the same. 36. In the result, appeal filed by the Revenue stands dismissed. Assessee’s cross objection : 37. Grounds of appeal raised in cross objection are as under : “On the facts and circumstances of the case and in law, learned CIT(A) erred i…

DCIT, Cir. 5(1), Kolkata vs. Kesoram Industries Limited, Kolkata

In the result, the appeal of the assessee as well as that of the revenue are dismissed

ITA 240/KOL/2021[2010-11]Status: DisposedITAT Kolkata16 Mar 2022AY 2010-11

Bench: Shri Aby.T.Varkey & Shri Rajesh Kumar]

Section 14ASection 80A(6)Section 80I

…the Ld. CIT(A) has directed the AO to compute the disallowance at 0.5% of those investments which yielded dividend income to the assessee by following the decision of the Special Bench , Delhi in the case of ACIT vs. Vireet Investment Pvt Ltd. As reported in 165 ITD 27 and also the decision of the co-ordinate Benches in assessee’s own case in AY 2008-09 and 2009- 10 in ITA No. 1722/Kol/2012 & others. Since the Ld. CIT(A) has followed the Special Bench and the Co-ordinate Benches decisions in earlier years while partly allowing the appeal of the assessee. Therefore, we do not find any infirmity in the order of th…

Kesoram Industries Ltd, Kolkata vs. DCIT, Cir.5(1), Kolkata

In the result, the appeal of the assessee as well as that of the revenue are dismissed

ITA 508/KOL/2020[2010-11]Status: DisposedITAT Kolkata16 Mar 2022AY 2010-11

Bench: Shri Aby.T.Varkey & Shri Rajesh Kumar]

Section 14ASection 80A(6)Section 80I

…the Ld. CIT(A) has directed the AO to compute the disallowance at 0.5% of those investments which yielded dividend income to the assessee by following the decision of the Special Bench , Delhi in the case of ACIT vs. Vireet Investment Pvt Ltd. As reported in 165 ITD 27 and also the decision of the co-ordinate Benches in assessee’s own case in AY 2008-09 and 2009- 10 in ITA No. 1722/Kol/2012 & others. Since the Ld. CIT(A) has followed the Special Bench and the Co-ordinate Benches decisions in earlier years while partly allowing the appeal of the assessee. Therefore, we do not find any infirmity in the order of th…

M/S. Corporation Bank, Mangaluru vs. Deputy Commissioner of Income Tax, Circle- 2(1), Mangaluru

ITA 1109/BANG/2019[2015-16]Status: DisposedITAT Bangalore15 Mar 2022AY 2015-16

Bench: Shri George George K & Ms. Padmavathy S & Ita No.1680/Bang/2018 Assessment Year : 2015-16 & 2014-15

For Appellant: Shri Ananthan, C.A &For Respondent: Shri Pradeep Kumar, CIT(DR)
Section 115JSection 143(3)Section 36(1)(vii)Section 36(1)(viia)

…IN THE INCOME TAX APPELLATE TRIBUNAL ‘C’ BENCH : BANGALORE BEFORE SHRI GEORGE GEORGE K, JUDICIAL MEMBER AND MS. PADMAVATHY S, ACCOUNTANT MEMBER & ITA No.1680/Bang/2018 Assessment year : 2015-16 & 2014-15 Union Bank of India, Vs. The Dy. Commissioner of Income-tax, (Erstwhile Corporation Bank), Circle-2(1), Vidhan Bhavan Marg, Mangaluru. Nariman Point, Mumbai-400 021. PAN – AAACC 724 5 E APPELLANT RESPONDENT & 235/Pan/2018 Assessment year : 2015-16 & 2014-15 The Dy. Commissioner of Income-tax, Vs. Union Bank of India, Circle-2(1), (Erstwhile Corporation Bank), Mangaluru. Vidhan Bhavan Marg, Nariman Point,…

The DCIT, Kochi vs. M/S.Sfo Technologies P. Ltd, Aluva

In the result, this appeal filed by Revenue in ITA

ITA 404/COCH/2020[2016-17]Status: DisposedITAT Cochin24 Feb 2022AY 2016-17

Bench: Shri George Mathan, Jm & Shri Ramit Kochar, Am

For Appellant: Smt. Jamunna Devi, Sr.DRFor Respondent: Shri Anil D. Nair& Smt. Telma
Section 143(3)Section 14ASection 92C

…e during the year shall be excluded while computing disallowance of expenditure u/s 14A read with rule 8D(2)(iii) of the 1962 Rules. The decision of Special Bench of ITAT, Delhi in the case of Asstt.CIT v. Vireet Investment (P.) Ltd. [2017] 82 taxmann.com 415/165 ITD 27 is relevant. This ground number 9-11 are partly allowed for statistical purposes as indicated above. We order accordingly”. We are also of the considered view that the disallowance u/s 14A of the 1961 Act read with Rule 8D(2)(iii) of the 1962 Rulescannot exceed the amount of dividend income(claimed exempt) of Rs.23,508/- of the assesse during the…

The DCIT, Kochi vs. M/S.Sfo Technologies P. Ltd, Aluva

In the result, this appeal filed by Revenue in ITA

ITA 403/COCH/2020[2014-15]Status: DisposedITAT Cochin24 Feb 2022AY 2014-15

Bench: Shri George Mathan, Jm & Shri Ramit Kochar, Am

For Appellant: Smt. Jamunna Devi, Sr.DRFor Respondent: Shri Anil D. Nair& Smt. Telma
Section 143(3)Section 14ASection 92C

…e during the year shall be excluded while computing disallowance of expenditure u/s 14A read with rule 8D(2)(iii) of the 1962 Rules. The decision of Special Bench of ITAT, Delhi in the case of Asstt.CIT v. Vireet Investment (P.) Ltd. [2017] 82 taxmann.com 415/165 ITD 27 is relevant. This ground number 9-11 are partly allowed for statistical purposes as indicated above. We order accordingly”. We are also of the considered view that the disallowance u/s 14A of the 1961 Act read with Rule 8D(2)(iii) of the 1962 Rulescannot exceed the amount of dividend income(claimed exempt) of Rs.23,508/- of the assesse during the…

The DCIT, Kochi vs. M/S.Sfo Technologies P. Ltd, Aluva

In the result, this appeal filed by Revenue in ITA

ITA 402/COCH/2020[2013-14]Status: DisposedITAT Cochin24 Feb 2022AY 2013-14

Bench: Shri George Mathan, Jm & Shri Ramit Kochar, Am

For Appellant: Smt. Jamunna Devi, Sr.DRFor Respondent: Shri Anil D. Nair& Smt. Telma
Section 143(3)Section 14ASection 92C

…e during the year shall be excluded while computing disallowance of expenditure u/s 14A read with rule 8D(2)(iii) of the 1962 Rules. The decision of Special Bench of ITAT, Delhi in the case of Asstt.CIT v. Vireet Investment (P.) Ltd. [2017] 82 taxmann.com 415/165 ITD 27 is relevant. This ground number 9-11 are partly allowed for statistical purposes as indicated above. We order accordingly”. We are also of the considered view that the disallowance u/s 14A of the 1961 Act read with Rule 8D(2)(iii) of the 1962 Rulescannot exceed the amount of dividend income(claimed exempt) of Rs.23,508/- of the assesse during the…