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)

Infrastructure Leasing & Financial Services Ltd, Mumbai vs. DCIT 10(1), Mumbai

In the result, appeals of the assessee as well as revenue are partly allowed as indicated above

ITA 7092/MUM/2014[2010-11]Status: DisposedITAT Mumbai30 Dec 2019AY 2010-11

Bench: Shri C.N. Prasad, Hon'Ble & Shri G. Manjunatha, Hon'Ble

For Appellant: Shri Sandeep BhallaFor Respondent: Shri Awangshi Gimson

Section 10

…ing Officer to recompute the 13 ITA.NOs. 7091, 7092, 7284 & 6829/MUM/2014 M/s. Infrastructure Leasing & Financial Services Ltd., disallowance keeping in view the decision of the special bench of Delhi in the case of ACIT v. Vireet Investments Private Limited [165 ITD 27]. This ground is allowed for statistical purpose.” 19. Following the said order, we restore this issue to the file of the Assessing Officer who shall pass order keeping in view of above directions of the Tribunal for the A.Y. 2004-05 to 2007-08 and A.Y.2008-09 & A.Y. 2009-10. 20. Ground No.6 of grounds of appeal is relating to disallowance of int…

Infrastructure Leasing & Financial Services Ltd, Mumbai vs. DCIT 10(1), Mumbai

In the result, appeals of the assessee as well as revenue are partly allowed as indicated above

ITA 7091/MUM/2014[2011-12]Status: DisposedITAT Mumbai30 Dec 2019AY 2011-12

Bench: Shri C.N. Prasad, Hon'Ble & Shri G. Manjunatha, Hon'Ble

For Appellant: Shri Sandeep BhallaFor Respondent: Shri Awangshi Gimson

Section 10

…ing Officer to recompute the 13 ITA.NOs. 7091, 7092, 7284 & 6829/MUM/2014 M/s. Infrastructure Leasing & Financial Services Ltd., disallowance keeping in view the decision of the special bench of Delhi in the case of ACIT v. Vireet Investments Private Limited [165 ITD 27]. This ground is allowed for statistical purpose.” 19. Following the said order, we restore this issue to the file of the Assessing Officer who shall pass order keeping in view of above directions of the Tribunal for the A.Y. 2004-05 to 2007-08 and A.Y.2008-09 & A.Y. 2009-10. 20. Ground No.6 of grounds of appeal is relating to disallowance of int…

DCIT 10(1), Mumbai vs. Infrastructure Leasing & Financial Services Ltd, Mumbai

In the result, appeals of the assessee as well as revenue are partly allowed as indicated above

ITA 6829/MUM/2014[2011-12]Status: DisposedITAT Mumbai30 Dec 2019AY 2011-12

Bench: Shri C.N. Prasad, Hon'Ble & Shri G. Manjunatha, Hon'Ble

For Appellant: Shri Sandeep BhallaFor Respondent: Shri Awangshi Gimson

Section 10

…ing Officer to recompute the 13 ITA.NOs. 7091, 7092, 7284 & 6829/MUM/2014 M/s. Infrastructure Leasing & Financial Services Ltd., disallowance keeping in view the decision of the special bench of Delhi in the case of ACIT v. Vireet Investments Private Limited [165 ITD 27]. This ground is allowed for statistical purpose.” 19. Following the said order, we restore this issue to the file of the Assessing Officer who shall pass order keeping in view of above directions of the Tribunal for the A.Y. 2004-05 to 2007-08 and A.Y.2008-09 & A.Y. 2009-10. 20. Ground No.6 of grounds of appeal is relating to disallowance of int…

Udhayaman Investments Pvt Ltd, Bangalore vs. Deputy Commissioner of Income Tax, Circle-7(1)(1), Bangalore

In the result appeal filed by assessee stands partly allowed

ITA 1877/BANG/2017[2013-14]Status: DisposedITAT Bangalore20 Dec 2019AY 2013-14

Bench: Shri A. K. Garodia & Smt. Beena Pillai

For Respondent: Appellant by Ms. Anushri K. R, C.A

Section 14Section 14A

…ed to appreciate that the appellant did not receive any dividend and that, therefore, no disallowances should have been made under Rule 8D r.w.s 14A(2) of the Act. 4 He erred in not following the decision of the Special Bench in Vireet Investment (P) Limited (165 ITD 27/82 (ITAT Special Bench, Delhi. 5 The appellant, therefore, prays that the disallowances, as above, may be deleted. Brief facts of the case are as under: 2 Assessee filed its return of income on 28/09/00 713 declaring total income of nil and current year loss of Rs. 2,63,77,000/-. Statutory notices were issued to assessee in response to which repre…

Avipro India Private Limited, Mumbai vs. Dy.CIT-9(1)(2), Mumbai

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

ITA 5952/MUM/2018[2013-14]Status: DisposedITAT Mumbai13 Dec 2019AY 2013-14

Bench: Shri Mahavir Singh & Shri M. Balaganesh

For Appellant: Shri Jigar MehtaFor Respondent: Shri S. Michael Jerald

Section 10(33)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI BEFORE SHRI MAHAVIR SINGH, JUDICIAL MEMBER AND SHRI M. BALAGANESH, ACCOUNTANT MEMBER ITA no.5952/Mum./2018 (Assessment Year : 2013–14) Avipro India Pvt. Ltd. 602, Grace Chamber Andheri Kurla Road ……………. Appellant Chakala, Andheri (E) Mumbai 400 099 PAN – AAECA7338Q v/s Dy. Commissioner of Income Tax ……………. Respondent Circle–9(1)(2), Mumbai Assessee by : Shri Jigar Mehta Revenue by : Shri S. Michael Jerald Date of Hearing – 12.12.2019 Date of Order – 13.12.2019 O R D E R PER M. BALAGANESH, A.M. The present appeal has been filed by the assesseechallengin…

DCIT- CC-5(1), Mumbai vs. Hubtown Ltd., Mumbai

In the result, cross objection filed by the assesee is treated as allowed for statistical purpose

ITA 2764/MUM/2018[2013-14]Status: DisposedITAT Mumbai13 Dec 2019AY 2013-14

Bench: Shri G. Manjunatha & Shri Ravish Sooddcit, Cc-5(1) Vs. M/S. Hubtown Ltd. Room No.1928 19Th Floor Akruti Trade Centre, 6Th Floor Air India Building, Nariman Point Road No.7, Marol-Midc Mumbai-400 021 Andheri(E) Mumbai-400 093

Section 143(3)Section 14ASection 80Section 80I

…ble Delhi High Court in the case of ACB vs ACIT (374 ITR 108) and CIT vs Interglobe Enterprises Ltd. In ITA No. 456/2016, dated 19/08/2016. The assesee has also relied upon the Special Bench decision of ITAT, in the case of ACIT vs Vireet Investments Pvt Ltd, 165 ITD 27 (Delhi). The ld. AR, further submitted that insofar as, re-computation of book profit u/s 115JB of the I.T. Act, 1961 towards disallowances of expenditure u/s 14A of the Act, 1961, this issue is squarely covered in favor of the assesee by the decision of ITAT, special bench, in the case of ACIT vs Vireet investment Pvt.Ltd. 165 ITD 27, where it wa…

Star Chemicals (Bombay) Private Limited, Mumbai vs. Dy.CIT 3(3)(2), Mumbai

The appeal of the assessee is allowed for statistical purposes in terms of our aforesaid observations

ITA 5496/MUM/2018[2013-14]Status: DisposedITAT Mumbai11 Dec 2019AY 2013-14

Bench: Shri S. Rifaur Rahman & Shri Ravish Soodstar Chemicals (Bombay) Pvt. Ltd., 55/58, D.C.I.T., 3(3)(2) Jolly Maker Chambers No.2, Nariman Point, Aaykar Bhavan, Mumbai, Vs. Mumbai 400 021 400 020. Pan – Aaacs7485E (Appellant) (Respondent)

For Appellant: Mr. A.K. Thanawala, A.RFor Respondent: Shri V.Vinod Kumar, Sr. D.R

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

…the coordinate benches of the Tribunal in the assesses own case for A.Y(s). 2008-09 to 2011-12, and A.Y. 2012-13, had after considering the view taken by the „Special Bench‟ of the ITAT in the case of ACIT, Circle 17(1) Vs. Vireet Investment Pvt. Ltd. (2017) 165 ITD 27 (Del) (SB), vide their respective orders, had restored the matter to the file of the A.O with a direction to recompute the „book profit‟ under Sec. 115JB(2) with respect to the disallowance worked out under Sec. 14A r.w. Rule 8D, in terms of the detailed discussion in the aforesaid order of the „Special Bench‟ in the case of Vireet Investment Pvt.…

DCIT Corporate Circle 1(1), Chennai vs. A.V.Thomas Leather and Allied Products Pvt. Ltd., Chennai

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

ITA 2309/CHNY/2018[2014-15]Status: DisposedITAT Chennai05 Dec 2019AY 2014-15

Bench: Shri Ramit Kochar & Shri Duvvuru Rl Reddyआयकर अपील सं./I.T.A. No. 2309/Chny/2018 िनधा"रण वष"/Assessment Year: 2014-15 The Deputy Commissioner Of M/S. A.V. Thomas Leather & Allied Income Tax, Vs. Products Pvt. Ltd., No. 22, Marshalls Corporate Circle 1(1), Road, Egmore, Chennai 600 008. Chennai 600 034. [Pan:Aaaca6246K] (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri Guru Bashyam, Addl. Cit ""थ" की ओर से/Respondent By : Shri Sanjeev Aditya, C.A. सुनवाई की तारीख/ Date Of Hearing : 28.11.2019 घोषणा की तारीख /Date Of Pronouncement : 05.12.2019 आदेश /O R D E R Per Duvvuru Rl Reddy: This Appeal Filed By The Revenue Is Directed Against The Order Of The Ld. Commissioner Of Income Tax (Appeals) 1, Chennai, Dated 21.05.2018 Relevant To The Assessment Year 2014-15. The Effective Ground Raised In The Appeal Of The Revenue Is That The Ld. Cit(A) Has Erred In Deleting The Disallowance Under Section 14A R.W. Rule 8D While Computing Book Profit Under Section 115Jb Of The Income Tax Act, 1961 [“Act” In Short].

For Appellant: Shri Guru Bashyam, Addl. CITFor Respondent: Shri Sanjeev Aditya, C.A

Section 115JSection 143(3)Section 14ASection 154Section 37Section 40

…ed that the disallowance of expenditure made by invoking the provisions of section 14A r.w. Rule 8D of 1962 Rules should also be disallowed while computing book profits under section 115JB of the Act. However, in the case of ACIT v. Vireet Investment (P) Ltd. 165 ITD 27(Delhi)(SB), the exempt income claimed by the assessee was ₹.36,44,09,991/- against which the assessee’s disallowance under section 14A was ₹.14,73,715/-, whereas, the Assessing Officer determined the disallowance under section 14A r.w. Rule 8D at ₹.2,82,51,259/-. While computing the book profits under section 115JB of the Act, the Assessing Office…

Assistant Commissioner of Income Tax 2(1)(2), Mumbai vs. Estrella Batteries Limited, Mumbai

In the result, appeal of the revenue is partly allowed as indicated above

ITA 6356/MUM/2017[2010-11]Status: DisposedITAT Mumbai02 Dec 2019AY 2010-11

Bench: Shri C.N. Prasad, Hon'Ble & Shri Manoj Kumar Aggarwal, Hon'Bleasst. Commissioner Of Income Tax V. M/S. Estrella Batteries Limited Range - 2(1)(1) 40, Yusuf Building, 4Th Floor Room No. 561, 5Th Floor Veer Nariman Road, Fort Aayakar Bhavan, M.K. Road Mumbai – 400 023 Mumbai – 400 020 Pan: Aabce3092Q (Assessee) (Respondent) Assessee By : Shri Sunil Hirawt

For Appellant: Shri Sunil HirawtFor Respondent: Shri Maurya Pratap

Section 115JSection 143(3)Section 14ASection 263

…of the authorities below and the order of the Tribunal in assessee’s own case. On a perusal of the order of the Ld.CIT(A) we find that the Ld.CIT(A) following the decision of the Special Bench of Delhi in the case of the ACIT v. Vireet Investment Pvt. Ltd., [165 ITD 27] held that disallowance u/s. 14A r.w. Rule 8D cannot be made while computing book profits. The Ld.CIT(A) held that while computing normal provisions of the Act disallowance u/s. 14A r.w. Rule 8D should be restricted to ₹.2,40,000/- and also accepted the assessee’s request that similar disallowance be adopted while computing the book profits instea…