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).

How many judgments cite ACIT v. Vireet Investment Pvt. Ltd.?

882 judgments on BharatTax cite ACIT v. Vireet Investment Pvt. Ltd. (165 ITD 27), spanning 2017 to 2026.

Which sections of the Income Tax Act does ACIT v. Vireet Investment Pvt. Ltd. come up under?

It is most often cited in judgments turning on Section 14A, Section 115JB, Section 143(3), Section 1961, Section 8D, Section 37(1).

ACIT v. Vireet Investment Pvt. Ltd. (165 ITD 27)

M/S. Pai & Pai Enterprises, Bengaluru vs. Assistant Commissioner of Income Tax, Circle- 2(2)(1), Bangalore

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

ITA 2302/BANG/2019[2013-14]Status: DisposedITAT Bangalore26 Jun 2020AY 2013-14

Bench: Shri N.V. Vasudevan & Shri B R Baskaranassessment Year:

For Appellant: Shri Pranav Krishna, AdvocateFor Respondent: Shri Priyadarshi Mishra, Jt.CIT(DR)(ITAT), Bengaluru

Section 14A

…stments which yielded tax- free exempt income should be considered and not the entire value of investments. In support of this stand, reliance was placed on the decision of the Delhi Special Bench of the ITAT in the case of ACIT v Vireet Investments Pvt Ltd., 58 ITR (Trib) 313 / 165 ITD 25 (SB)(Del). 9. We have considered the submissions made on behalf of the assessee and the ld. DR. In the case of Vireet Investments Pvt Ltd. Page 4 of 4 (supra), one of the questions that arose for consideration was, whether for applying Rule 8D only dividend yielding investments should be taken into consideration for computing…

M/S. United Spirits Limted, Bangalore vs. Joint Commissioner of Income Tax, Special Range-7, Bangalore

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

ITA 300/BANG/2020[2011-12]Status: DisposedITAT Bangalore24 Jun 2020AY 2011-12

Bench: Shri N.V. Vasudevan & Shri B R Baskaranassessment Year : 2011-12

For Appellant: Shri C. Narayan, CAFor Respondent: Shri Muzaffar Hussain, CIT(DR)(ITAT), Bengaluru

Section 14ASection 250

…investments, the AO should consider only 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 AR 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…

M/S. United Spirits Limited, Bangalore vs. Deputy Commissioner of Income Tax, Bangalore

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

ITA 489/BANG/2017[2012-13]Status: DisposedITAT Bangalore29 May 2020AY 2012-13

Bench: Shri B.R. Baskaran & Shri Pavan Kumar Gadaleit(Tp)A No.489/Bang/2017 (Assessment Year: 2012-13) M/S. United Spirits Limited, Ub Towers, No.24, Vittal Mallya Road, Bangalore-560 001 ….Appellant Vs. Dy. Commissioner Of Income Tax, Circle 7(1)(1), Bangalore. ……Respondent. Assessee By: Shri Perci Pardiwala, Senior Advocate & Shri Ketan Ved, C.A. Revenue By: Shri Bipin C.N, Jcit (D.R) Date Of Hearing : 06.03.2020. Date Of Pronouncement : 29.05.2020. O R D E R Per Shri B.R. Baskaran, A.M. : The Assessee Has Filed This Appeal Challenging The Assessment Order Dated 31-01-2017 Passed By The Assessing Officer For Assessment Year 2012-13 Passed U/S 143(3) R.W.S 144C(13) Of The Act.

For Appellant: Shri Perci Pardiwala, Senior Advocate and Shri Ketan Ved, C.AFor Respondent: Shri Bipin C.N, JCIT (D.R)

Section 143(3)Section 144C(10)Section 144C(13)Section 14ASection 154Section 36(1)(iii)Section 92C

…investments, the AO should consider only 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 ca…

DCIT 7(3)(2), Mumbai vs. Piramal Enterrises Ltd, Mumbai

In the result, the appeal is dismissed

ITA 1799/MUM/2016[2011-12]Status: DisposedITAT Mumbai27 May 2020AY 2011-12

Bench: Sri Saktijit Dey, Jm & Sri S Rifaur Rahman, Am आयकर अपील सुं./ Ita No. 1799/Mum/2016 (यनर्ाािण वर्ा / Assessment Year 2011-12) The Dy. Commissioner Of Piramal Enterprises Limited Income-Tax, Range-7(3)(2), (Formerly Known As Piramal Room No. 669A, 6 Th Floor, Healthcare Limited) बनाम/ Aayakar Bhavan, Piramal Tower, Ganpatrao Vs. Mumbai-400 020 Kadam Marg, Lower Parel, Mumbai-400 013 (अपीलार्थी / Appellant) (प्रत्यर्थी/ Respondent) स्र्थायी लेखा सुं./Pan No. Aaacn4538P आयकर अपील सुं./ Ita No. 850/Mum/2015 (यनर्ाािण वर्ा / Assessment Year 2011-12) Piramal Enterprises Limited The Dy. Commissioner Of (Formerly Known As Piramal Income-Tax, Range-7(3)(2), Healthcare Limited) Room No. 669A, 6 Th Floor, बनाम/ Piramal Tower, Ganpatrao Aayakar Bhavan, Vs. Kadam Marg, Lower Parel, Mumbai-400 020 Mumbai-400 013 (अपीलार्थी / Appellant) (प्रत्यर्थी/ Respondent) अपीलार्थी की ओि से / Appellant By : Shri A Mohan, Cit Dr प्रत्यर्थी की ओि से / Respondent By : Shri Jehangir D. Mistri, Madhur Agrawal, Ronak Doshi, Ars’ सुनवाई की िािीख / Date Of Hearing: 16.03.2020 घोर्णा की िािीख / Date Of Pronouncement: 27.05.2020

For Appellant: Shri A Mohan, CIT DRFor Respondent: Shri Jehangir D. Mistri

Section 143(3)Section 144C(13)

…disallowance under Rule 8D(2)(ii) of the Rules, in case such funds are available. As regards disallowance of administrative expenditure under Rule 8D(2)(iii), as held by the ITAT, Delhi Special Bench in the case of ACIT vs Vireet Investment Pvt. Ltd., (2017) 165 ITD 27, such disallowance has to be computed only taking into consideration the investments which have yielded exempt income during the year. In other words, those investments which have not yielded any exempt income during the year have to be excluded from the average value of investments while computing the disallowance under 11 | P a g e I TA N o s. 8…

ACIT, Circle- 2(2), New Delhi vs. Anant Raj Ltd., New Delhi

In the result assessee’s appeal is partly allowed and Revenue’s appeal is dismissed

ITA 5677/DEL/2017[2013-14]Status: DisposedITAT Delhi11 May 2020AY 2013-14

Bench: Shri Amit Shukla & Dr. B.R.R. Kumar

For Appellant: Shri V.K. Bindal, CAFor Respondent: Shri Sanjay Goel, CIT-DR

Section 143(3)Section 36(1)(vii)Section 36(2)Section 4Section 50C

…65/- and disallowance @ 0.5% worked out to Rs.2196/- which has been suo motu offered for disallowance in the return of income. This Tribunal in assessee’s own case following the judgment of ITAT Special Bench in the case of Vireet Investment Pvt. Ltd., (2017) 165 ITD 27 (DT) (SB) held that average value of investment which has yielded income during the year shall only be considered for the purpose of disallowance u/s.14A, and therefore, respectfully following the same no addition over and above can be made. In any case, the dividend income received by the assessee is merely Rs.29,070/- which in any case the disal…

Anant Raj Ltd, New Delhi vs. Addl.CIT, Range-2, Circle-2(2), New Delhi

In the result assessee’s appeal is partly allowed and Revenue’s appeal is dismissed

ITA 5169/DEL/2017[2013-14]Status: DisposedITAT Delhi11 May 2020AY 2013-14

Bench: Shri Amit Shukla & Dr. B.R.R. Kumar

For Appellant: Shri V.K. Bindal, CAFor Respondent: Shri Sanjay Goel, CIT-DR

Section 143(3)Section 36(1)(vii)Section 36(2)Section 4Section 50C

…65/- and disallowance @ 0.5% worked out to Rs.2196/- which has been suo motu offered for disallowance in the return of income. This Tribunal in assessee’s own case following the judgment of ITAT Special Bench in the case of Vireet Investment Pvt. Ltd., (2017) 165 ITD 27 (DT) (SB) held that average value of investment which has yielded income during the year shall only be considered for the purpose of disallowance u/s.14A, and therefore, respectfully following the same no addition over and above can be made. In any case, the dividend income received by the assessee is merely Rs.29,070/- which in any case the disal…

Penta Media Graphics Ltd., Chennai vs. DCIT, Chennai

In the result , appeal in ITA no

ITA 1407/CHNY/2015[2009-10]Status: DisposedITAT Chennai08 May 2020AY 2009-10

Bench: Shri Ramit Kochar & Shri Duvvuru R.L.Reddy

For Respondent: Mr. A.Sundararajan, Addl.CIT

Section 143(3)Section 254

…dividend income 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 ACIT v. Vireet Investment Private Limited (2017) 165 ITD 27(Del. SB-trib.) is relevant. This ground number 9-11 are partly allowed for statistical purposes as indicated above. We order accordingly. ITA Nos.1406 & 1407/Chny/2015 :- 25 -: 10. The ground number 1 and 13 are general in nature and does not require separate adjudication, while ground number 12 is consequential in nature. We order accordingl…

Penta Media Graphics Ltd., Chennai vs. DCIT, Chennai

In the result , appeal in ITA no

ITA 1406/CHNY/2015[2007-08]Status: DisposedITAT Chennai08 May 2020AY 2007-08

Bench: Shri Ramit Kochar & Shri Duvvuru R.L.Reddy

For Respondent: Mr. A.Sundararajan, Addl.CIT

Section 143(3)Section 254

…dividend income 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 ACIT v. Vireet Investment Private Limited (2017) 165 ITD 27(Del. SB-trib.) is relevant. This ground number 9-11 are partly allowed for statistical purposes as indicated above. We order accordingly. ITA Nos.1406 & 1407/Chny/2015 :- 25 -: 10. The ground number 1 and 13 are general in nature and does not require separate adjudication, while ground number 12 is consequential in nature. We order accordingl…

Yash Jewellery P.Ltd, Mumbai vs. Asst CIT 11(3)(2), Mumbai

In the result this ground of appeal is allowed for statistical purpose

ITA 2305/MUM/2017[2012-13]Status: DisposedITAT Mumbai22 Apr 2020AY 2012-13

Bench: Shri Shamim Yahya & Shri Pawan Singhyash Jewellery Pvt Ltd, Vs Acit-11(3)(2), Room No. 427, 4Th Floor, Aayakar Unit No. 603 & 604, Block No.1, Seepz-Sez, Seepz++, Bhawan, M.K. Road, Andheri (East), Mumbai. Mumbai-400096 Pan : Aaacy2834 R Appellant Respondednt

Section 10Section 10ASection 115Section 143(3)Section 14ASection 36(1)(iii)Section 92Section 92C

…section 14A in computing book profit under section 115JB. The learned AR of the assessee submits that this ground of appeal is also covered in favour of assessee by the decision of Special Bench of the Delhi Tribunal in ACIT versus Vireet Investment P Ltd (165 ITD 27). 15. On the other hand the learned DR for the revenue supported the order of lower authorities. 16. We have considered the submission of the parties and perused the order of lower authorities and deliberated on the decisions cited by learned AR of the assessee. We have noted that assessing officer made the additions of disallowance while computin…

ACIT, Circle-4(1)(2), Ahmedabad vs. M/S. Zaveri & Company Pvt. Ltd, Ahmedabad

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

ITA 1194/AHD/2018[2013-14]Status: DisposedITAT Ahmedabad12 Mar 2020AY 2013-14

Bench: Shri Rajpal Yadav, Vice- & Shri Waseem Ahmed

For Appellant: Shri Surendra kumar, CIT-DR and

Section 10ASection 143(2)Section 143(3)Section 2Section 263

…t determined under section 115JB of the Income Tax Act, 1961, the ld.counsel for the assessee at the very outset submitted that this 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. 17. Considering the above facts, we are of the view that Special Bench of the ITAT in the case of Vireet Investment P.Ltd. (supra) has formulated following question for a…

ACIT, Circle-4(1)(2), Ahmedabad vs. M/S. Zaveri & Company Pvt. Ltd, Ahmedabad

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

ITA 1193/AHD/2018[2012-13]Status: DisposedITAT Ahmedabad12 Mar 2020AY 2012-13

Bench: Shri Rajpal Yadav, Vice- & Shri Waseem Ahmed

For Appellant: Shri Surendra kumar, CIT-DR and

Section 10ASection 143(2)Section 143(3)Section 2Section 263

…t determined under section 115JB of the Income Tax Act, 1961, the ld.counsel for the assessee at the very outset submitted that this 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. 17. Considering the above facts, we are of the view that Special Bench of the ITAT in the case of Vireet Investment P.Ltd. (supra) has formulated following question for a…

M/S. Zaveri & Co. Pvt. Ltd., Ahmedabad vs. The Deputy Commissioner of Income Tax, Circle-4(1)(2), Ahmedabad

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

ITA 1081/AHD/2018[2013-14]Status: DisposedITAT Ahmedabad12 Mar 2020AY 2013-14

Bench: Shri Rajpal Yadav, Vice- & Shri Waseem Ahmed

For Appellant: Shri Surendra kumar, CIT-DR and

Section 10ASection 143(2)Section 143(3)Section 2Section 263

…t determined under section 115JB of the Income Tax Act, 1961, the ld.counsel for the assessee at the very outset submitted that this 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. 17. Considering the above facts, we are of the view that Special Bench of the ITAT in the case of Vireet Investment P.Ltd. (supra) has formulated following question for a…

M/S. Ballal Tourist Hotel Private Limited, Bangalore vs. Deputy Commissioner of Income Tax, Circle- 1(1)(2), Bangalore

In the result, the appeal filed by the assessee is

ITA 1676/BANG/2019[2013-14]Status: DisposedITAT Bangalore11 Mar 2020AY 2013-14

Bench: Shri N.V. Vasudevan & Shri B.R. Baskaran, Accoutant Member

For Appellant: N O N EFor Respondent: Shri R. Premi, D.R

Section 10(34)Section 14A

…e first contention of the assessee with regard to the disallowance of interest expenditure made under rule 8D(2)(ii) shall be covered by the above said decision rendered by Hon’ble jurisdictional Karnataka High Court. 7. In the case of Vireeth Investments 165 ITD 27, the Delhi Special Bench of Tribunal has held that for the purpose of computing the average value of investments under rule 8D(2)(iii), only those investments which have yielded exempt income should be taken into account. Hence, the second contention of the assessee would be covered by above said decision. 8. However both the contentions of the…

Kollur Sreenivasan Kamalakannan, Dindigul vs. ITO Corporate Ward 4(4), Chennai

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

ITA 84/CHNY/2019[2014-15]Status: DisposedITAT Chennai09 Mar 2020AY 2014-15

Bench: Shri Duvvuru Rl Reddy & Shri S. Jayaramanआयकर अपील सं./I.T.A. No.84/Chny/2019 िनधा"रण वष"/Assessment Year:2014-15 Shri Kollur Sreenivasan Kamalakannan, The Income Tax Officer, Vs. No. 1, Anna Pillai Street, Corporate Ward 4 (4), George Town, Chennai 600 001. Chennai. [Pan: Aacpk5960F] (अपीलाथ" /Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri N. Arjunraj, C.A. & Shri S. Sridhar, Advocate ""थ" की ओर से/Respondent By : Shri A. Sundararajan, Addl. Cit सुनवाई की तारीख/ Date Of Hearing : 27.02.2020 घोषणा की तारीख /Date Of Pronouncement : 09.03.2020 आदेश /O R D E R Per Duvvurul Rl Reddy:

For Appellant: Shri N. Arjunraj, C.A. &For Respondent: Shri A. Sundararajan, Addl. CIT

Section 143(3)Section 14A

…only those investments for computing average value of investment which yielded exempt income during the year under consideration as per Rule 8D(2)(iii) in view of the Delhi Special Bench of the Tribunal in the case of ACIT v. Vireet Investment (P) Ltd. (2017) 165 ITD 27 (Delhi)(SB) and to pass detailed order on both counts. Thus, the ground raised by the assessee is allowed for statistical purposes. 5 5. In the result, the appeal filed by the assessee is allowed for statistical purposes. Order pronounced on the 09th March, 2020 at Chennai. (S JAYARAMAN) JUDICIAL MEMBER Chennai, Dated, the 09.03.2020 Vm/- आदेश क…

Kjmc Corporate Advisors (India) Ltd., Mumbai vs. ITO Circle-3(2)(3), Mumbai

ITA 1512/MUM/2019[2013-14]Status: DisposedITAT Mumbai28 Feb 2020AY 2013-14

Bench: Shri G. Manjunatha & Shri Ravish Soodkjmc Corporate Advisors (India) Income Tax Officer, Circle-3(2)(3), Pvt. Ltd, 162, 16Th Floor, Atlanta, 6Th Floor, Aayakar Bhavan, Nariman Point, Vs. Mumbai – 400 020 Mumbai – 400 021

For Appellant: Shri Sunil Nahta, A.RFor Respondent: Shri R. Bhoopathi, D.R

Section 10(34)Section 115JSection 143(2)Section 143(3)Section 14A

…11 exempt income yielding investments which had yielded the dividend income of Rs.15,22,953/- during the year. [Page 7 of the assesses „Paper book‟ (APB)]. Relying on the order of the ITAT „Special Bench‟ in the case of ACIT Vs. Vireet Investments Pvt. Ltd. (165 ITD 27) (Del) (SB), it was submitted by the ld. A.R, that the Tribunal in the said case had observed that for the purpose of computing the “average value” of the investments, only those investments which had yielded exempt income during the year were to be considered. Lastly, it was submitted by the ld. A.R that the A.O while computing the „book profit‟…