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.

DCIT, Corporate Circle -2, Madurai vs. Tvs Supply Chain Solutions Ltd., Madurai

In the result, appeal filed by the assessee is treated as allowed for statistical purposes and appeal filed by the Revenue is dismissed as not maintainable

ITA 2028/CHNY/2019[2015-16]Status: DisposedITAT Chennai22 Dec 2021AY 2015-16

Bench: Shri V. Durga Rao & Shri G. Manjunathaआयकर अपील सं./I.T.A. No.1837/Chny/2019 िनधा"रण वष"/Assessment Years: 2015-16 M/S. Tvs Supply Chain Solution Vs. The Assistant Commissioner Of Limited [Formerly Known As Tvs Income Tax, Corporate Circle 2, Logistics Services Limited], 10, 2, Vp Rathinasamy Nadar Road, Jawahar Road, Chokkikulam, Madurai 625 002. Madurai 625 002. [Pan: Aacct1412E] (अपीलाथ" /Appellant) (""थ"/Respondent) आयकर अपील सं./I.T.A. No.2028/Chny/2019 िनधा"रण वष"/Assessment Years: 2015-16 The Deputy Commissioner Of M/S. Tvs Supply Chain Solution Limited Income Tax, Corporate Circle 2, Vs. [Formerly Known As Tvs Logistics 2, Vp Rathinasamy Nadar Road, Services Limited], 10, Jawahar Road, Madurai 625 002. Chokkikulam, Madurai 625 002. (अपीलाथ" /Appellant) (""थ"/Respondent) Assessee By : Shri M. Viswanathan, C.A. Department By Shri M. Murali, Cit : सुनवाई की तारीख/ Date Of Hearing 15.12.2021 : घोषणा की तारीख /Date Of Pronouncement : 22.12.2021 आदेश /O R D E R Per V. Durga Rao: These Cross Appeals Filed By The Assessee As Well As Revenue Are Directed Against The Order Of The Ld. Commissioner Of Income Tax

For Appellant: Shri M. Viswanathan, C.A
Section 14A

…आयकर अपीलीय अिधकरण, ‘ए’ "ायपीठ, चे"ई IN THE INCOME-TAX APPELLATE TRIBUNAL ‘A’ BENCH, CHENNAI "ी वी. दुगा" राव, "ाियक सद" एवं "ी जी. मऺजुनाथा, लेखा सद" के सम" । Before Shri V. Durga Rao, Judicial Member & Shri G. Manjunatha, Accountant Member आयकर अपील सं./I.T.A. No.1837/Chny/2019 िनधा"रण वष"/Assessment Years: 2015-16 M/s. TVS Supply Chain Solution Vs. The Assistant Commissioner of Limited [Formerly known as TVS Income Tax, Corporate Circle 2, Logistics Services Limited], 10, 2, VP Rathinasamy Nadar Road, Jawahar Road, Chokkikulam, Madurai 625 002. Madurai 625 002. [PAN: AACCT1412E] (अपीलाथ" /Appellant) (""थ"/Resp…

T vs. Supply Hain Solutions Ltd., Madurai

In the result, appeal filed by the assessee is treated as allowed for statistical purposes and appeal filed by the Revenue is dismissed as not maintainable

ITA 1837/CHNY/2019[2015-16]Status: DisposedITAT Chennai22 Dec 2021AY 2015-16

Bench: Shri V. Durga Rao & Shri G. Manjunathaआयकर अपील सं./I.T.A. No.1837/Chny/2019 िनधा"रण वष"/Assessment Years: 2015-16 M/S. Tvs Supply Chain Solution Vs. The Assistant Commissioner Of Limited [Formerly Known As Tvs Income Tax, Corporate Circle 2, Logistics Services Limited], 10, 2, Vp Rathinasamy Nadar Road, Jawahar Road, Chokkikulam, Madurai 625 002. Madurai 625 002. [Pan: Aacct1412E] (अपीलाथ" /Appellant) (""थ"/Respondent) आयकर अपील सं./I.T.A. No.2028/Chny/2019 िनधा"रण वष"/Assessment Years: 2015-16 The Deputy Commissioner Of M/S. Tvs Supply Chain Solution Limited Income Tax, Corporate Circle 2, Vs. [Formerly Known As Tvs Logistics 2, Vp Rathinasamy Nadar Road, Services Limited], 10, Jawahar Road, Madurai 625 002. Chokkikulam, Madurai 625 002. (अपीलाथ" /Appellant) (""थ"/Respondent) Assessee By : Shri M. Viswanathan, C.A. Department By Shri M. Murali, Cit : सुनवाई की तारीख/ Date Of Hearing 15.12.2021 : घोषणा की तारीख /Date Of Pronouncement : 22.12.2021 आदेश /O R D E R Per V. Durga Rao: These Cross Appeals Filed By The Assessee As Well As Revenue Are Directed Against The Order Of The Ld. Commissioner Of Income Tax

For Appellant: Shri M. Viswanathan, C.A
Section 14A

…आयकर अपीलीय अिधकरण, ‘ए’ "ायपीठ, चे"ई IN THE INCOME-TAX APPELLATE TRIBUNAL ‘A’ BENCH, CHENNAI "ी वी. दुगा" राव, "ाियक सद" एवं "ी जी. मऺजुनाथा, लेखा सद" के सम" । Before Shri V. Durga Rao, Judicial Member & Shri G. Manjunatha, Accountant Member आयकर अपील सं./I.T.A. No.1837/Chny/2019 िनधा"रण वष"/Assessment Years: 2015-16 M/s. TVS Supply Chain Solution Vs. The Assistant Commissioner of Limited [Formerly known as TVS Income Tax, Corporate Circle 2, Logistics Services Limited], 10, 2, VP Rathinasamy Nadar Road, Jawahar Road, Chokkikulam, Madurai 625 002. Madurai 625 002. [PAN: AACCT1412E] (अपीलाथ" /Appellant) (""थ"/Resp…

K R Pradeep, Bangalore vs. Deputy Commissioner of Income Tax, Central Circle-1(3), Bangalore

In the result, the appeal filed by the assessee for assessment year 2014-15 is allowed

ITA 416/BANG/2021[2017-18]Status: DisposedITAT Bangalore22 Dec 2021AY 2017-18

Bench: Shri George George K. & Shri B.R. Baskaran

For Appellant: Mrs. Girija G.P., AdvocateFor Respondent: Shri Pradeep Kumar, DR
Section 132Section 143(3)Section 14ASection 153A

…the expenditure debited in the profit & loss account are indirect expenses. In reply thereof, the Ld. A.R. put up an alternative contention. She said that as per the decision rendered by Delhi Special Bench of ITAT in the case of Vireet Investments Pvt. Ltd. 165 ITD 27, only those investments which have yielded exempt income during the year should be considered for computing average value of investment for the purpose of making disallowance under Rule 8D(2)(iii). Accordingly, she prayed that the A.O. may be directed to follow the decision rendered by the special bench. 14. We heard Ld. D.R. on this issue and pe…

K R Pradeep, Bangalore vs. Deputy Commissioner of Income Tax, Central Cirlce-1(3), Bangalore

In the result, the appeal filed by the assessee for assessment year 2014-15 is allowed

ITA 415/BANG/2021[2016-17]Status: DisposedITAT Bangalore22 Dec 2021AY 2016-17

Bench: Shri George George K. & Shri B.R. Baskaran

For Appellant: Mrs. Girija G.P., AdvocateFor Respondent: Shri Pradeep Kumar, DR
Section 132Section 143(3)Section 14ASection 153A

…the expenditure debited in the profit & loss account are indirect expenses. In reply thereof, the Ld. A.R. put up an alternative contention. She said that as per the decision rendered by Delhi Special Bench of ITAT in the case of Vireet Investments Pvt. Ltd. 165 ITD 27, only those investments which have yielded exempt income during the year should be considered for computing average value of investment for the purpose of making disallowance under Rule 8D(2)(iii). Accordingly, she prayed that the A.O. may be directed to follow the decision rendered by the special bench. 14. We heard Ld. D.R. on this issue and pe…

K R Pradeep, Bangalore vs. Deputy Commissioner of Income Tax, Central Circle-1(3), Bangalore

In the result, the appeal filed by the assessee for assessment year 2014-15 is allowed

ITA 414/BANG/2021[2015-16]Status: DisposedITAT Bangalore22 Dec 2021AY 2015-16

Bench: Shri George George K. & Shri B.R. Baskaran

For Appellant: Mrs. Girija G.P., AdvocateFor Respondent: Shri Pradeep Kumar, DR
Section 132Section 143(3)Section 14ASection 153A

…the expenditure debited in the profit & loss account are indirect expenses. In reply thereof, the Ld. A.R. put up an alternative contention. She said that as per the decision rendered by Delhi Special Bench of ITAT in the case of Vireet Investments Pvt. Ltd. 165 ITD 27, only those investments which have yielded exempt income during the year should be considered for computing average value of investment for the purpose of making disallowance under Rule 8D(2)(iii). Accordingly, she prayed that the A.O. may be directed to follow the decision rendered by the special bench. 14. We heard Ld. D.R. on this issue and pe…

K R Pradeep, Bangalore vs. Deputy Commissioner of Income Tax, Central Circle-1(3), Bangalore

In the result, the appeal filed by the assessee for assessment year 2014-15 is allowed

ITA 413/BANG/2021[2014-15]Status: DisposedITAT Bangalore22 Dec 2021AY 2014-15

Bench: Shri George George K. & Shri B.R. Baskaran

For Appellant: Mrs. Girija G.P., AdvocateFor Respondent: Shri Pradeep Kumar, DR
Section 132Section 143(3)Section 14ASection 153A

…the expenditure debited in the profit & loss account are indirect expenses. In reply thereof, the Ld. A.R. put up an alternative contention. She said that as per the decision rendered by Delhi Special Bench of ITAT in the case of Vireet Investments Pvt. Ltd. 165 ITD 27, only those investments which have yielded exempt income during the year should be considered for computing average value of investment for the purpose of making disallowance under Rule 8D(2)(iii). Accordingly, she prayed that the A.O. may be directed to follow the decision rendered by the special bench. 14. We heard Ld. D.R. on this issue and pe…

JCIT(OSD)-2(3)(1), Mumbai vs. Tata Industries Ltd., Mumbai

In the result, appeal is allowed for statistical purposes

ITA 4444/MUM/2019[2015-16]Status: DisposedITAT Mumbai14 Dec 2021AY 2015-16

Bench: Shri Saktijit Dey () & Shri S. Rifaur Rahman ()

Section 1Section 10Section 115JSection 11JSection 12Section 14A

…while computing book profit under section 11JB, we fully subscribe to the view expressed by the learned Commissioner (Appeals), as, it is in consonance with the ratio laid down by the Special Bench of ITAT in case of ACIT vs Vireet Investments Pvt Ltd (2017) 165 ITD 27 (Del)(SB). In any case of the matter, learned Commissioner (Appeals) has held that expenses directly relatable to earning of exempt income can be disallowed under Explanation 1(f) to section 115JB(2) of the Act. In view of the aforesaid, we uphold the decision of the learned Commissioner (Appeals) by dismissing the ground raised. 7. In the result,…

Radiant Trafin Pvt Ltd., Mumbai vs. ITO 3(3)(1), Mumbai

In the result, appeal by the assessee is allowed

ITA 1182/MUM/2020[2014-15]Status: DisposedITAT Mumbai03 Dec 2021AY 2014-15

Bench: Shri Vikas Awasthyआअसं. 1182/मुं/2020 ("न.व 2014-15) Radiant Trafin Private Limited, 46, Bajaj Bhavan, 4Th Floor, 226, Jamnanal Bajaj Marg, Nariman Point, Mumbai 400 021 Pan: Aabcr-2410-D ...... अपीलाथ" /Appellant बनाम Vs. Income Tax Officer – 3(3)(1), Room No.668-B, 6Th Floor, Aaykar Bhavan, M.K.Road, Mumbai 400 020 ..... ""तवाद"/Respondent अपीलाथ" "वारा/ Appellant By : Shri Mahendra Gohel ""तवाद" "वारा/Respondent By : Ms. Smita Verma सुनवाई क" "त"थ/ Date Of Hearing : 08/09/2021 घोषणा क" "त"थ/ Date Of Pronouncement : 03/12/2021

For Appellant: Shri Mahendra GohelFor Respondent: Ms. Smita Verma
Section 115JSection 14A

…see by restricting disallowance u/s. 14A of the Act, to the extent of exempt income earned i.e. Rs.9,89,543/-. The ld. Authorized Representative for the assessee submitted that the Special Bench of Tribunal in the case of ACIT vs. Vireet Investment Pvt. Ltd., 165 ITD 27(Del) has held that computation of book profit u/s 115JB is to be made without resorting to the provisions of section 14A r.w.r. 8D. The ld. Authorized Representative for the assessee further referred to the decision of Hon'ble Bombay High Court in the case of CIT vs. Bengal Finance & Investment Pvt. Ltd. in Income Tax Appeal No.337 of 2013 decided…

M/S Infosys Bpm Limited, Bangalore vs. Joint Commissioner of Income Tax Special Range-3, Bangalore

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

ITA 2884/BANG/2018[2009-10]Status: DisposedITAT Bangalore22 Nov 2021AY 2009-10

Bench: Shri George George K. & Shri B.R. Baskaranassessment Year:2009-10

For Appellant: Shri Padamchand Khincha, A.RFor Respondent: Shri Sumer Singh, D.R
Section 10ASection 115JSection 143(3)Section 14ASection 40

…AO to exclude non-exempt dividend income. Besides the above, we also direct the AO to exclude investments which did not yield dividend income for computing average value of investments as held by Special bench of ITAT in the case of Vireet Investments P Ltd (165 ITD 27)(Delhi)(SB). Accordingly, this issue is restored to the file of AO. 11. The last issue relates to reduction of expenses incurred in foreign currency from export turnover while computing deduction u/s 10A of the Act. The AO noticed that the assessee has incurred a sum of Rs.38,24,96,344/- in foreign currency. However, the assessee has not deducted…

M.S Gauri Avinash Bhosale, Mumbai vs. Dy CIT Central Circle-2(3), Mumbai

In the result, appeal is partly allowed as indicated above

ITA 2013/MUM/2020[2015-16]Status: DisposedITAT Mumbai18 Nov 2021AY 2015-16

Bench: Shri G. S. Pannu, Hon’Ble & Shri Saktijit Dey, Hon’Bleassessment Year: 2015-16 Mrs. Gauri Avinash Bhosale, Dcit- Central Circle 2(3), 2, Abil House, Ganesh Khind 8Th Floor, Room No. 803, Road, Range Hill, Corner, Old Cgo Bldg., Pratishtha Pune - 411007 Vs. Bhavan, M.K. Road, Pan: Aaipb7421J Mumbai - 400020 (Appellant) (Respondent) Assessee By : Shri Vijay Mehta (Ar) Revenue By : Shri Rajneesh Yadav (Dr) Date Of Hearing : 21/10/2021 Date Of Pronouncement: 18/11/2021

For Appellant: Shri Vijay Mehta (AR)For Respondent: Shri Rajneesh Yadav (DR)
Section 14A

…s is, disallowance under rule 8D should be computed by considering only those investments that yielded exempt income during the year. We find substantial merit in the aforesaid submission of the assessee. In case of ACIT vs. Vireet Investment Pvt. Ltd. (2017) 165 ITD 27 (Del) (SB), the learned Special Bench of the Tribunal has held that while computing disallowance under section 14A r.w.r. 8D(2)(iii), only those investments which yielded exempt income during the year under consideration can be included in the average value of investment. In view of the ratio laid down by the learned Special Bench, as aforesaid, w…

DCIT, CC 1 (4), Mumbai vs. D. B.Realty Limited, Mumbau

In the result, appeal is partly allowed for statistical purposes

ITA 1417/MUM/2020[2015-16]Status: DisposedITAT Mumbai18 Nov 2021AY 2015-16

Bench: Shri Saktijit Dey (Jm) & Shri Rajesh Kumar (Am) Assessment Year: 2015-16 Dy. Commissioner Of Income Tax, M/S D.B. Realty Limited, Central Circle 1(4), D.B. House, Yashoham, 902, 9Th Floor, Pratishtha Bhavan, Gen. A.K. Vaidya Marg, Old C.G.O. Bldg., (Annexe), Vs. Goregaon (E), M.K. Road, Mumbai - 4000063 Mumbai - 400020 Pan: Aaccd5174F (Appellant) (Respondent) Revenue By : Smt. Sunita Billa (Dr) Assessee By : Ms. Hema Kataria (Ar) Date Of Hearing : 20/09/2021 Date Of Pronouncement: 18/11/2021

For Appellant: Ms. Hema Kataria (AR)For Respondent: Smt. Sunita Billa (DR)
Section 115JSection 14A

…e during the year under consideration. In principle, we agree with the aforesaid direction of learned Commissioner (Appeals), as, it is in accordance with the ratio laid down by the ITAT Delhi Special Bench in the case of ACIT vs. Vireet Investments Pvt. Ltd. 165 ITD 27. Further, we are in agreement with the view expressed by learned Commissioner (Appeals) that while computing book profit under section 115JB of the Act, no disallowance can be made by importing the provisions of section 14A r.w.r. 8D. This is in view of the ratio laid down by the ITAT Delhi Special Bench, ACIT vs. Vireet Investments Pvt. Ltd. (sup…

M/S Corporate Bank, Mangalore vs. Principal Commissioner of Income Tax, Mangalore

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

ITA 1679/BANG/2018[2014-15]Status: DisposedITAT Bangalore17 Nov 2021AY 2014-15

Bench: Shri Chandra Poojari, Am & Shri George George K, Jm

For Appellant: Sri.S.Ananthan, CAFor Respondent: Sri.Pradeep Kumar, CIT-DR
Section 115JSection 143(3)Section 14ASection 263

…Circle 2018(1) TMI 885 – ITAT Mumbai. Disallowance u/s 14A of the I.T.Act (ground 4) (i) Gujarat Flurochemicals Ltd. 2019 (7) TMi 541 – Gujarat High Court. (ii) Tata Sons Limited v. ACIT 2018 (12) TMI 916 ITAT Mumbai. (iii) Vireet Investment (P). Ltd. (2017) 165 ITD 27 (Delhi Trib) (SB) Provision for NPA (ground 5) (i) Yokogawa India Ltd. (2012) 17 taxmann.com 15 (Kar.) (ii) Kirloskar Systems Ltd. (2013) 40 taxmann.com 124 (Karnataka) (iii) Vodafone Essar Gujarat Ltd. (2017) (8) TMi 451 Gujarat High Court. (iv) Telco Construction Equipment Co. Ltd. (2016)_ (6) TMI 651 – Karnataka High Court. 6. The learned Depar…

Mirah Dekor Pvt Ltd, Mumbai vs. DCIT CC 14, Mumbai

The appeals are partly allowed

ITA 6809/MUM/2019[2009-10]Status: DisposedITAT Mumbai12 Nov 2021AY 2009-10
Section 133ASection 14ASection 234A

…ot exceed exempt income. The exempt income noted by the Assessing Officer is only Rs. 20,724/-. Hence, disallowance cannot be more than that. Furthermore regarding disallowance of under rule 8D(2)(iii), Special Bench of ITAT in the case of Vireet Investments (165 ITD 27) has held that disallowance under rule 8D(2)(iii) only those investment cannot be considered which have earned exempt income. Hence, we direct the disallowance in this case cannot exceed Rs. 20,724/-. Apropos addition on account of bogus purchases :- 8. Addition for bogus purchase to this case was done on the basis of statement obtained under se…

Finolex Industries Limited, Pune vs. Deputy Commissioner of Income-Tax, Central Circle-1(2), Pune

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

ITA 706/PUN/2018[2012-13]Status: DisposedITAT Pune10 Nov 2021AY 2012-13

Bench: Shri R.S. Syal & Shri C.M. Gargआयकर अपील सं. / Ita No.706/Pun/2018 िनधा"रण वष" / Assessment Year : 2012-13 Finolex Industries Limited, Vs. Dcit, D-1/10, Midc, Central Circle-1(2), Chinchwad, Pune 411 019 Pune Pan : Aaacf2634A Appellant Respondent Assessee By : Shri Nikhil Pathak Revenue By : Shri Piyush Kumar Singh Yadav Date Of Hearing : 09-11-2021 Date Of Pronouncement : 10-11-2021 आदेश / Order

For Appellant: Shri Nikhil PathakFor Respondent: Shri Piyush Kumar Singh Yadav
Section 14ASection 40

…f 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). In view of the afore referred precedents, we set aside the impugned order to this extent and remit the matter to the file of Assessing Officer for re-computing the disallowance under Rule 8D by considering only such investments in calculating the average value of investments, which yielded exempt income during the year. The assessee…

Dcm Shriiram Ltd., New Delhi vs. Addl.CIT, Special Range- 3, New Delhi

In the result appeal of assessee is partly allowed

ITA 7362/DEL/2018[2014-15]Status: DisposedITAT Delhi28 Oct 2021AY 2014-15

Bench: Shri Kul Bharat & Shri Prashant Maharishi(Through Video Conferencing)

For Appellant: Shri Pradeep Dinodia, C. A.; &For Respondent: Shri Surendra Pal [CIT] – DR
Section 133(6)Section 143Section 143(3)Section 144Section 92C

…IN THE INCOME TAX APPELLATE TRIBUNAL [DELHI BENCH “I–1”: NEW DELHI] BEFORE SHRI KUL BHARAT, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER (Through Video Conferencing) ITA. No. 7362/Del/2018 (Assessment Year: 2014-15) DCM Shriram Ltd., Addl. CIT, 1st Floor, Kanchanjunga Bldg., Special Range – 3, Vs. 18 – Barakhamba Road, New Delhi. New Delhi – 110 001. PAN: AAACD0097R (Appellant) (Respondent) Assessee by : Shri Pradeep Dinodia, C. A.; & Shri R. K. Kapoor, C. A.; Department by : Shri Surendra Pal [CIT] – DR; Date of Hearing : 02/09/2021 Date of pronouncement : 28/10/2021 O R D E R PER PRASHANT…

DCIT, Circle-1(1)(2), Ahmedabad vs. M/S. Chiripal Industries Ltd, Ahmedabad

In the result, appeals of the Revenue as well as that of assessee are dismissed

ITA 315/AHD/2019[2015-16]Status: DisposedITAT Ahmedabad25 Oct 2021AY 2015-16

Bench: Shri Rajpal Yadav, Vice- & Shri Waseem Ahmedआयकर अपील सं./ Ita No.315 /Ahd/2019 Asstt.Year : 2015-16 M/S.Chiripal Industries Ltd. Dcit, Cir.1(1)(2) Survey No.199/200/1,2 Vs Ahmedabad. Saijpur Gopalpur Pirana Road, Piplej Ahmedabad 382 405. Pan : Aaacc 8513 B आयकर अपील सं./ Ita No.174 /Ahd/2019 Asstt.Year : 2015-16 Dcit, Cir.1(1)(2) M/S.Chiripal Industries Ltd. Ahmedabad. Vs Survey No.199/200/1,2 Saijpur Gopalpur Pirana Road, Piplej Ahmedabad 382 405. अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : None Revenue By : Shri Vinod Tanwani, Cit-Dr

For Appellant: NoneFor Respondent: Shri Vinod Tanwani, CIT-DR
Section 143(2)Section 14A

…icting calculation of book profit under section 115JB of the Act. 21. Heard the ld.DR and gone through the record. We find that the issue is covered in favour of the assessee by the decision of Special Bench in the case of ACIT Vs. Vireet Investments P.Ltd., 165 ITD 27 (SB) wherein it is held that no increase or decrease can be effected in the book profit calculated under section 115JB on account of certain disallowance made under section 14A. The Special Bench of the ITAT in the case of Vireet Investment P.Ltd. (supra) has formulated following question for adjudication on this issue: “Whether the expenditure i…

M/S Infosys Bpm Limited, Bangalore vs. Deputy Commissioner of Income Tax Circle-3(1)(1), Bangalore

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

ITA 2600/BANG/2018[2008-09]Status: DisposedITAT Bangalore25 Oct 2021AY 2008-09

Bench: Shri George George K. & Shri B.R. Baskaranassessment Year: 2008-09

For Appellant: Shri P.C. Khincha, A.RFor Respondent: Shri Sumer Singh Meena, D.R
Section 10ASection 115JSection 143(3)Section 14A

…Hence, the A.O. was justified in making disallowance as per Rule 8D of I.T. Rules. In the alternative, the Ld A.R submitted that the AO may be directed to follow the decision rendered by Special bench of Delhi Tribunal in the case of Vireet Investments P Ltd (165 ITD 27). 4.4 We heard the parties on this issue and perused the record. We notice that the A.O. has made disallowance out of administrative expenses under Rule 8D(2)(iii). As per the decision rendered by Special Bench, Delhi Tribunal in the case of Vireet Investments Pvt. Ltd. (165 ITD 27), only those investments which have yielded exempt income should…

DCIT, C-14(1)(2), Mumbai vs. Citicorp Finance(I) Ltd., Mumbai

In the result, revenues appeal is dismissed and cross objection is partly

ITA 4172/MUM/2019[2013-14]Status: DisposedITAT Mumbai22 Oct 2021AY 2013-14

Bench: Shri Saktijit Dey & Shri Rajesh Kumarassessment Year: 2013-14

For Appellant: Shri Madhur Agarwal (AR)For Respondent: Shri R.K. Shah (DR)
Section 14A

…strative expenditure under rule 8D(2)(iii) has to be made by considering only those investments which have yielded exempt income during the year. In support, he relied upon ITAT Delhi Special Bench decision in case of ACIT vs. Vireet Investments Pvt. Ltd. 165 ITD 27 as well as the order passed by the Tribunal in assessee’s own case in assessment year 2012-13 (supra). 9. We have considered rival submissions in the light of decision relied upon and perused the materials on record. As discussed earlier, the major part of disallowance made under section 14A is interest expenses disallowed under rule 8D(2)(ii). U…

Puran Associates Pvt. Ltd., New Delhi vs. DCIT, Circle-20(1), New Delhi

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

ITA 2087/DEL/2018[2014-15]Status: DisposedITAT Delhi14 Oct 2021AY 2014-15

Bench: Shri Kul Bharat & Shri O.P. Kant[Through Video Conferencing] Assessment Year: 2014-15

Section 111ASection 143(3)Section 14A

…Dabur India Ltd. Learned counsel 15 for the assessee alternatively submitted that for computing disallowance under Rule 8D, the only investment which has yielded dividend income should be considered as held in the case of ACIT vs. Vireet Investment (P) Ltd.,165 ITD 27 (Del) (Spl Bench). 5.4 The learned DR, on the other hand, relied on the findings of the learned CIT(A). He further submitted that the Tribunal in assessment year 2013-14 in the case of the assessee has rejected this contention of the assessee. 5.5 We have heard rival submission of the parties and perused the relevant material on record. In the yea…

M/S. Fdc Limited, Mumbai vs. Addll. CIT- 8 (1), Mumbai

Appeal stand dismissed

ITA 6901/MUM/2018[2010-11]Status: DisposedITAT Mumbai08 Oct 2021AY 2010-11

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am (Hearing Through Video Conferencing Mode) 1. आयकरअपील िं./ I.T.A. No.6901/Mum/2018 (धििाारण वर्ा / Assessment Year: 2010-11) & 2. आयकरअपील िं./ I.T.A. No.6840/Mum/2018 (धििाारण वर्ा / Assessment Year: 2011-12) M/S Fdc Limited Acit Circle– 8(1) बिाम/ 142-48, S. V. Road {Now Acit Circle 9(3)(1)} Jogeshwari (West) R. No. 215, Aayakar Bhavan Vs. Mumbai – 400 102 Mumbai-400 020 स्थायीलेखा िं./ जीआइआर िं./ Pan/Gir No. Aaacf-0253-H (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : & 3. आयकरअपील िं./ I.T.A. No.7016/Mum/2018 (धििाारण वर्ा / Assessment Year: 2010-11) Acit Circle– 8(1) M/S Fdc Limited बिाम/ {Now Acit Circle 9(3)(1)} 142-48, S. V. Road R. No. 215, Aayakar Bhavan Jogeshwari (West) Vs. Mumbai-400 020 Mumbai – 400 102 स्थायीलेखा िं./ जीआइआर िं./ Pan/Gir No. Aaacf-0253-H (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : Assessee By : Shri S. S. Nagar, Ld. Ar Revenue By : Shri Sunil Deshpande, Ld. Cit-Dr ुनवाई की तारीख/ : 20/07/2021 Date Of Hearing घोषणा की तारीख / : 08/10/2021 Date Of Pronouncement

For Appellant: Shri S. S. Nagar, Ld. ARFor Respondent: Shri Sunil Deshpande, Ld. CIT-DR
Section 143(3)Section 154Section 92C

…er finance & trading co. Ltd. (262 ITR 341). The Ld. AR further submitted that the disallowance u/s 14A could not be adjusted in the Book-Profits computed u/s 115JB as per the decision of Special Bench of Delhi Tribunal in ACIT V/s Vireet Investment (P) Ltd. (165 ITD 27) as well as the recent decision of Hon’ble Karnataka High Court in Sobha Developers Ltd. V/s DCIT (2021; 125 Taxmann.com 72). 9.3 Upon perusal of assessee’s financial statements as placed on record, it could be gathered that the assessee has sufficient opening and closing free funds in the shape of share capital and reserves to make the investment…