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 370,744 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 9(1)(2), Mumbai vs. Atlanta Ltd, Mumbai

In the result, appeals of the Revenue for the A

ITA 7257/MUM/2017[2015-16]Status: DisposedITAT Mumbai31 May 2019AY 2015-16

Bench: Shri C.N. Prasad, Hon'Ble & Shri Manoj Kumar Aggarwal, Hon'Ble

For Appellant: Shri Vijay MehtaFor Respondent: Shri Anadi Varma
Section 115JSection 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “A”, MUMBAI BEFORE SHRI C.N. PRASAD, HON'BLE JUDICIAL MEMBER AND SHRI MANOJ KUMAR AGGARWAL, HON'BLE ACCOUNTANT MEMBER ITA NOs. 7176 & 7257/MUM/2017 (A. Ys: 2014-15 & 2015-16) Dy. Commissioner of Income Tax M/s. Atlanta Ltd., v. Range – 9(1)(2) 101, Shri Ambashanti Chambers Room No. 260A, 2nd Floor, Andheri Kurla Road Aayakar Bhavan, Andheri (E), Mumbai – 400 059 M.K. Road, Mumbai-400 020 PAN: AAACA 8865 E (Assessee) (Respondent) C.O. No. 23/MUM/2019 [Arising out of ITA NO. 7176/MUM/2017 (A.Y: 2014-15)] M/s. Atlanta Ltd., v. Dy. Commissioner of Income Tax 101, Shri…

DCIT 9(1)(2), Mumbai vs. Atlanta Ltd, Mumbai

In the result, appeals of the Revenue for the A

ITA 7176/MUM/2017[2014-15]Status: DisposedITAT Mumbai31 May 2019AY 2014-15

Bench: Shri C.N. Prasad, Hon'Ble & Shri Manoj Kumar Aggarwal, Hon'Ble

For Appellant: Shri Vijay MehtaFor Respondent: Shri Anadi Varma
Section 115JSection 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “A”, MUMBAI BEFORE SHRI C.N. PRASAD, HON'BLE JUDICIAL MEMBER AND SHRI MANOJ KUMAR AGGARWAL, HON'BLE ACCOUNTANT MEMBER ITA NOs. 7176 & 7257/MUM/2017 (A. Ys: 2014-15 & 2015-16) Dy. Commissioner of Income Tax M/s. Atlanta Ltd., v. Range – 9(1)(2) 101, Shri Ambashanti Chambers Room No. 260A, 2nd Floor, Andheri Kurla Road Aayakar Bhavan, Andheri (E), Mumbai – 400 059 M.K. Road, Mumbai-400 020 PAN: AAACA 8865 E (Assessee) (Respondent) C.O. No. 23/MUM/2019 [Arising out of ITA NO. 7176/MUM/2017 (A.Y: 2014-15)] M/s. Atlanta Ltd., v. Dy. Commissioner of Income Tax 101, Shri…

Sirhind Steel Ltd., Ahmedabad vs. The Dy. CIT, Circle-4(1)(2), Ahmedabad

In the result, appeal of the assessee is partly allowed

ITA 2624/AHD/2017[2014-15]Status: DisposedITAT Ahmedabad30 May 2019AY 2014-15

Bench: Shri Mahavir Prasad & Shri Waseem Ahmed)

For Appellant: Shri Bireh Shah, ARFor Respondent: Shri Kamlesh Makwana, Sr. D.R
Section 10Section 10(38)Section 11Section 115JSection 12Section 143(3)Section 14ASection 234ASection 271

…ead with Rule 8D of the Income Tax Rules. This action of the AO was confirmed by the Id.CIT(A) but restricted to Rs.9,34,945/-. The Ld.counsel for the assessee submitted that in view of Special Bench decision in the case of ACIT Vs. Vireet Investments P.Ltd., 165 ITD 27 (Del)(BS) no increase or decrease can be effected in the book profit calculated under section 115JB on account of certain disallowance made under section 14A. 8. Considering the above facts, we are of the view that Special Bench of the IT AT in the case of Vireet Investment P.Ltd. (supra) has formulated following question for adjudication on this…

ACIT, Circle - 6(2), Kolkata vs. M/S. Umil Share & Stock Broking Limited, Kolkata

ITA 303/KOL/2018[2010-11]Status: DisposedITAT Kolkata10 May 2019AY 2010-11

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Year :2010-11 Acit/Dcit, Circle-6(2) V/S. M/S Usha Martin Ventures Aayakar Bhawan, 6Thfloor, Ltd., 24, R.N. Mukherjee Room No.6/15, P-7, Road, Kolkata-700001 Chowringhee Square, [Pan No.Aaacu 3843 J] Kolkat-700069 .. अपीलाथ" /Appellant ""यथ"/Respondent

Section 143(3)

…fails therefore. 10. We now advert the Revenue’s fourth and last substantive grounds seeking to revive sec. 115JB MAT adjustment on the 14A r.w.s. 8D disallowance. Suffice to say, this tribunal’s special bench decision in ACIT vs. Viveet Investment Pvt. Ltd. 165 ITD 27 (Del) holds that said statutory provision does not cover any disallowance made u/s 14A read with Rule 8D. We according affirm the CIT(A)’s findings qua instant last issue as well. 11. These two Revenue’s appeals and assessee’s cross-objection in latter appeal (ITA 303/Kol/2018) are dismissed. We order accordingly. Order pronounced in the open co…

ACIT/DCIT, Circle - 6(2), Kolkata vs. M/S. Usha Martin Ventures Limited, Kolkata

ITA 199/KOL/2018[2010-11]Status: DisposedITAT Kolkata10 May 2019AY 2010-11

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Year :2010-11 Acit/Dcit, Circle-6(2) V/S. M/S Usha Martin Ventures Aayakar Bhawan, 6Thfloor, Ltd., 24, R.N. Mukherjee Room No.6/15, P-7, Road, Kolkata-700001 Chowringhee Square, [Pan No.Aaacu 3843 J] Kolkat-700069 .. अपीलाथ" /Appellant ""यथ"/Respondent

Section 143(3)

…fails therefore. 10. We now advert the Revenue’s fourth and last substantive grounds seeking to revive sec. 115JB MAT adjustment on the 14A r.w.s. 8D disallowance. Suffice to say, this tribunal’s special bench decision in ACIT vs. Viveet Investment Pvt. Ltd. 165 ITD 27 (Del) holds that said statutory provision does not cover any disallowance made u/s 14A read with Rule 8D. We according affirm the CIT(A)’s findings qua instant last issue as well. 11. These two Revenue’s appeals and assessee’s cross-objection in latter appeal (ITA 303/Kol/2018) are dismissed. We order accordingly. Order pronounced in the open co…

Piramal Healthcare Ltd, Mumbai vs. DCIT 7(1), Mumbai

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

ITA 1257/MUM/2014[2009-10]Status: DisposedITAT Mumbai07 May 2019AY 2009-10

Bench: Shri G.S.Pannu & Shri Ravish Soodpiramal Healthcare Limited Deputy Commissioner Of Income (Now Known As Piramal Enterprises Ltd.) Tax- 7(1) Piramal Tower, Room No. 622, Aayakar Bhavan, Ganpatrao Kadam Marg, Vs. M.K. Road Lower Parel, Mumbai- 400 020 Mumbai – 400 013

For Appellant: Sh. J.D, Mistry, Senior Advocate &For Respondent: S/sh. Bhupendra Kumar Singh &
Section 143(3)Section 35

…resaid contention that the A.O was obligated to consider only the investments which had yielded exempt income during the year, the ld. A.R relied on the order of the „Special bench‟ of the ITAT, Delhi in the case of ACIT Vs. Vireet Investments (P) Ltd. (2017) 165 ITD 27 (Del) (SB). P a g e | 13 ITA No.1257 & 1486/Mum/2014 - AY. 2009-10 Piramal Healthcare Limited Vs. DCIT-7(1 DCIT-Circle 7(1) Vs. Piramal Enterprises Ltd. ) It was submitted by the ld. A.R that as the assessee has substantial interest free funds, therefore, no disallowance under Rule 8D(2)(ii) was called for in its hands. Alternatively, it was aver…

M/S Manipal Global Education Services P. Ltd., Bangalore vs. DCIT, Bangalore

In the result, all the appeals of the assessee are treated as partly allowed

ITA 236/BANG/2015[2010-11]Status: DisposedITAT Bangalore02 May 2019AY 2010-11

Bench: Shri B.R Baskaran & Shri Pavan Kumar Gadaleassessment Year : 2010-11

For Appellant: Shri Padamchand Khincha, C.VFor Respondent: Shri K.V Arvind, Sr. Standing Counsel

…mputed by considering only those investments ITA Nos.236/Bang/2015 ITA Nos.163, 164, 165 & 388/Bang/2016 Page 5 of 7 which have yielded exempt dividend income as per the decision rendered by Special bench of Tribunal in the case of Vireet Investments P Ltd (165 ITD 27). 10. On the contrary, the Ld D.R supported the order passed by the assessing officer. 11. We heard the parties on this issue and perused the record. The Hon’ble Bombay High Court has held in the case of HDFC Bank Ltd (366 ITR 505) that no disallowance out of interest expenditure u/r 8D(2)(ii) is called for when own funds available with the asses…

Vepar Pvt. Ltd., Ahmedabad vs. The Income Tax Officer, Ward-4(1)(4), Ahmedabad

In the result, Ground No.2 of the assessee’s appeal is allowed

ITA 1506/AHD/2016[2012-13]Status: DisposedITAT Ahmedabad26 Apr 2019AY 2012-13

Bench: Shri Pradip Kumar Kedia & Shri Mahavir Prasad

For Appellant: Shri P. M. Mehta, A.R
Section 115JSection 14A

…for the purposes of Section 14A was imported to special provisions of Section 115JB of the Act for adjustment of book profits. We find that the issue is no longer res integra identical issue came up before the Special bench in ACIT vs. Vireet Investments Ltd. 165 ITD 27 (SB). In the light of the decision of Special bench, we find merit in the plea of the assessee. The AO is accordingly directed to delete adjustments made to the book profit on this score. 6. In parity, the issue requires to be decided in favour of the assessee. The adjustment made by the Revenue authorities in the ITA No.1506/Ahd/16 [Vepar Pvt. L…

Gujarat Urja Vikas Nigam Ltd., Baroda vs. The Dy.CIT, Circle-1(1), Baroda

In the result, appeal I.T

ITA 3437/AHD/2015[2008-09]Status: DisposedITAT Ahmedabad26 Apr 2019AY 2008-09
For Appellant: Shri J.P. Shah, A.RFor Respondent: Shri/Ms. Rita Dokania, Sr. D.R
Section 115JSection 143(3)Section 147Section 148Section 40

…c Ltd. for assessment year 2007-08 vide ITA no. 1928/Ahd/2010. We consider that the disallowance made u/s. 14A is not to be added in computing income u/s. 115JB of the act as held by the Special Bench of the ITAT in the case of ACIT vs. Vineet Investment vide 165 ITD 27 (Delhi) (2017). Therefore, this ground of appeal of the Revenue s dismissed. I.T.A Nos 3358, 1988, 3359, 3360, 3437, 2014, 3438 & 3439/Ahd/2015 Page No 15 21 As the facts in all other five grounds of appeals are similar, so, we take 1st ground of ITA No. 1988/Ahd/2015 as lead case and its findings will also be applicable Ground No. 1 of 3358/Ahd…

The Dy.Commissioner of Income Tax, Circle-1(1)(1)(1), Vadodara vs. Gujarat Urja Vikas Nigam Ltd., Baroda

In the result, appeal I.T

ITA 3358/AHD/2015[2008-09]Status: DisposedITAT Ahmedabad26 Apr 2019AY 2008-09
For Appellant: Shri J.P. Shah, A.RFor Respondent: Shri/Ms. Rita Dokania, Sr. D.R
Section 115JSection 143(3)Section 147Section 148Section 40

…c Ltd. for assessment year 2007-08 vide ITA no. 1928/Ahd/2010. We consider that the disallowance made u/s. 14A is not to be added in computing income u/s. 115JB of the act as held by the Special Bench of the ITAT in the case of ACIT vs. Vineet Investment vide 165 ITD 27 (Delhi) (2017). Therefore, this ground of appeal of the Revenue s dismissed. I.T.A Nos 3358, 1988, 3359, 3360, 3437, 2014, 3438 & 3439/Ahd/2015 Page No 15 21 As the facts in all other five grounds of appeals are similar, so, we take 1st ground of ITA No. 1988/Ahd/2015 as lead case and its findings will also be applicable Ground No. 1 of 3358/Ahd…

Wartsila India P.Ltd, Navi Mumbai vs. DCIT 15(3)(1), Mumbai

In the result, appeal by the assessee is allowed and appeal by the revenue is dismissed

ITA 696/MUM/2017[2009-10]Status: DisposedITAT Mumbai24 Apr 2019AY 2009-10

Bench: Shri M.Balaganesh, Am & Shri Ram Lal Negi, Jm M/S. Wartsila India Private Vs. Deputy Commissioner Of Limited (Formerly Known As Income Tax-15(3)(1) “Wartsila India Limited) Aayakar Bhavan 21St Floor, Kesar Solitaire, Mumbai Plot No.5, Sector 19 Palm Beach Road, Sanpada Navi Mumbai – 400 705 Pan/Gir No.Aaacw0345D (Appellant) .. (Respondent) Deputy Commissioner Of Vs. M/S. Wartsila Diesel India Income Tax-15(3)(1) Private Limited 21St Floor, Kesar Solitaire, Aayakar Bhavan Mumbai Plot No.5, Sector 19 Palm Beach Road, Sanpada Navi Mumbai – 400 705 Pan/Gir No.Aaacw0345D (Appellant) .. (Respondent)

Section 143(3)Section 14ASection 250

…e to be considered for the purpose of computing the disallowance u/s.14A of the Act r.w.rule 8D of the rules. Reliance in this regard is placed on the special bench decision of Delhi High Court in the case of ACIT vs. Vireet Investments Pvt. Ltd., reported in 165 ITD 27. 4.4. However, these observations and findings would be relevant only for addressing alternative arguments and plea of the assessee before us. We direct the ld. AO to delete the disallowance in toto made u/s.14A of the Act for the A.Y.2009-10 for non-recording of subjective satisfaction with cogent reasons, Accordingly, the grounds raised by the a…

Hero Motocorp Ltd., New Delhi vs. DCIT, Circle- 11(1), New Delhi

Appeal of the assessee is partly allowed for statistical purpose

ITA 1351/DEL/2018[2009-10]Status: DisposedITAT Delhi23 Apr 2019AY 2009-10

Bench: Shri N. K. Billaiya & Ms Suchitra Kamble

For Appellant: Amount of Proposed international
Section 115JSection 143(3)Section 144C

…Rule 8D could not be added while computing book profits as per section 115JB and declined to frame question of law. Further, the Ld. AR also relied of the decision of the Special Bench of the Delhi Tribunal in the case of ACIT vs Vireet Investments (P.) Ltd: 165 ITD 27 (Del Trib.), inter 101 alia, placing reliance on the judgment of Delhi High Court in the case of Bhushan Steel Ltd. (supra), likewise held that computation under clause (f) of Explanation 1 to section 115JB(2) of the Act is to be made without resorting to computation as contemplated under section 14A read with rule 8D of the Rules. The Ld. AR als…

Grindwell Norton Ltd, Mumbai vs. DCIT 1(3)(2), Mumbai

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

ITA 404/MUM/2017[2011-12]Status: DisposedITAT Mumbai12 Apr 2019AY 2011-12

Bench: Shri C.N. Prasad, Hon'Ble & Shri Rajesh Kumar, Hon'Blea.C.I.T – 9(3)(2) V. M/S Grindwell Norton Ltd., 418, 4Th Floor, Leela Business Park, 5Th Level, Aayakar Bhavan, M.K. Road, Andheri Kurla Road Mumbai-400 020 Mumbai – 400 099 Pan: Aaacg 8725 B (Appellant) (Respondent) M/S Grindwell Norton Ltd., Dy. Commissioner Of Income-Tax -1(3)(2) V. Room No. 535, 5Th Floor, Kalyaniwalla & Mistry Llp, Aayakar Bhavan, M.K. Road, Army & Navy Building, Mumbai-400 020 3Rd Floor, 148 M.G. Road, Fort, Mumbai – 400 001 Pan: Aaacg 8725 B (Appellant) (Respondent) Assessee By : Shri Akram Khan Department By : Shri Kiran Unavekar

For Appellant: Shri Akram KhanFor Respondent: Shri Kiran Unavekar
Section 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “K”, MUMBAI BEFORE SHRI C.N. PRASAD, HON'BLE JUDICIAL MEMBER AND SHRI RAJESH KUMAR, HON'BLE ACCOUNTANT MEMBER A.C.I.T – 9(3)(2) v. M/s Grindwell Norton Ltd., 418, 4th Floor, Leela Business Park, 5th Level, Aayakar Bhavan, M.K. Road, Andheri Kurla Road Mumbai-400 020 Mumbai – 400 099 PAN: AAACG 8725 B (Appellant) (Respondent) M/s Grindwell Norton Ltd., Dy. Commissioner of Income-tax -1(3)(2) v. Room No. 535, 5th Floor, Kalyaniwalla & Mistry LLP, Aayakar Bhavan, M.K. Road, Army & Navy Building, Mumbai-400 020 3rd Floor, 148 M.G. Road, Fort, Mumbai – 400 001 PAN: AAA…

Acie 9(3)(2), Mumbai vs. Grindwell Norton Ltd, Mumbai

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

ITA 347/MUM/2017[2011-12]Status: DisposedITAT Mumbai12 Apr 2019AY 2011-12

Bench: Shri C.N. Prasad, Hon'Ble & Shri Rajesh Kumar, Hon'Blea.C.I.T – 9(3)(2) V. M/S Grindwell Norton Ltd., 418, 4Th Floor, Leela Business Park, 5Th Level, Aayakar Bhavan, M.K. Road, Andheri Kurla Road Mumbai-400 020 Mumbai – 400 099 Pan: Aaacg 8725 B (Appellant) (Respondent) M/S Grindwell Norton Ltd., Dy. Commissioner Of Income-Tax -1(3)(2) V. Room No. 535, 5Th Floor, Kalyaniwalla & Mistry Llp, Aayakar Bhavan, M.K. Road, Army & Navy Building, Mumbai-400 020 3Rd Floor, 148 M.G. Road, Fort, Mumbai – 400 001 Pan: Aaacg 8725 B (Appellant) (Respondent) Assessee By : Shri Akram Khan Department By : Shri Kiran Unavekar

For Appellant: Shri Akram KhanFor Respondent: Shri Kiran Unavekar
Section 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “K”, MUMBAI BEFORE SHRI C.N. PRASAD, HON'BLE JUDICIAL MEMBER AND SHRI RAJESH KUMAR, HON'BLE ACCOUNTANT MEMBER A.C.I.T – 9(3)(2) v. M/s Grindwell Norton Ltd., 418, 4th Floor, Leela Business Park, 5th Level, Aayakar Bhavan, M.K. Road, Andheri Kurla Road Mumbai-400 020 Mumbai – 400 099 PAN: AAACG 8725 B (Appellant) (Respondent) M/s Grindwell Norton Ltd., Dy. Commissioner of Income-tax -1(3)(2) v. Room No. 535, 5th Floor, Kalyaniwalla & Mistry LLP, Aayakar Bhavan, M.K. Road, Army & Navy Building, Mumbai-400 020 3rd Floor, 148 M.G. Road, Fort, Mumbai – 400 001 PAN: AAA…

Apollo International Ltd., New Delhi vs. DCIT, New Delhi

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

ITA 9/DEL/2015[2010-11]Status: DisposedITAT Delhi12 Apr 2019AY 2010-11

Bench: Shri H.S. Sidhu & Shri O.P. Kantassessment Year: 2010-11 M/S. Apollo International Vs. Deputy Commissioner Of Ltd., Income Tax, Office No. 303, 3Rd Floor, Dlf Circle-3(1), C.R. Building, Courtyard, Saket, New Delhi New Delhi Pan :Aaaca6447N (Appellant) (Respondent) Appellant By Shri Manu K. Giri, Adv. Respondent By Shri Sanjay I. Bara, Cit(Dr)

Section 143(2)Section 14ASection 92CSection 92C(2)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: “I-1”, NEW DELHI BEFORE SHRI H.S. SIDHU, JUDICIAL MEMBER AND SHRI O.P. KANT, ACCOUNTANT MEMBER Assessment Year: 2010-11 M/s. Apollo International Vs. Deputy Commissioner of Ltd., Income Tax, Office No. 303, 3rd Floor, DLF Circle-3(1), C.R. Building, Courtyard, Saket, New Delhi New Delhi PAN :AAACA6447N (Appellant) (Respondent) Appellant by Shri Manu K. Giri, Adv. Respondent by Shri Sanjay I. Bara, CIT(DR) Date of hearing 09.04.2019 Date of pronouncement 12.04.2019 ORDER PER O.P. KANT, A.M.: This appeal by the assessee is directed against the final assessment orde…

M/S J J Glastronics Pvt Ltd, Bangalore vs. Income Tax Officer Ward-4(1)(1), Bangalore

In the result, appeal of the assessee is allowed

ITA 1518/BANG/2018[2013-14]Status: DisposedITAT Bangalore10 Apr 2019AY 2013-14

Bench: Shri A.K. Garodia & Shri Pavan Kumar Gadaleita. No.1518/Bang/2018 Assessment Year: 2013-14 M/S. J J Glastronics Pvt Ltd., Vs. Income Tax Officer, 26-B, Electronics City, Hosur Ward -4(1)(1), Road, Bengaluru – 560100. Bmtc Building, Pan: Aaacj 4330 P Koramangala, Bengaluru-560095. (Appellant) (Respondent) For Assessee: Sri Shree Hari Kutsa For Revenue : Sri I T Prakash, Addl. Cit Date Of Hearing : 04.04.2019 Date Of Pronouncement : 10.04.2019 Order Per Pavan Kumar Gadale, Jm. The Assessee Has Filed An Appeal Against The Order Of The Cit (A)-4, Bangalore, Dated 27/03/2018 Passed U/S 154 & U/S 250 Of The It Act, 1961 For The Assessment Year 2013-14. The Assessee Has Raised The Following Grounds Of Appeal:- “(1) The Order Of The Ld Commissioner Passed U/S 250 Of The Act Is Opposed To Law, Equity, Weight Of Evidence, Probabilities & The Facts & Circumstances In The Appellant’S Case. (2) The Ld Cit (A) Is Not Justified In Holding That The Jurisdiction Assumed By The Ld Ao Under The Provisions

For Appellant: Sri Shree Hari KutsaFor Respondent: Sri I T Prakash, Addl. CIT
Section 114ASection 115JSection 143(3)Section 14ASection 154Section 234BSection 250

…IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCHES “B” BENCH: BANGALORE BEFORE SHRI A.K. GARODIA, ACCOUNTANT MEMBER AND SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER ITA. No.1518/Bang/2018 Assessment Year: 2013-14 M/s. J J Glastronics Pvt Ltd., vs. Income Tax Officer, 26-B, Electronics City, Hosur Ward -4(1)(1), Road, Bengaluru – 560100. BMTC Building, PAN: AAACJ 4330 P Koramangala, Bengaluru-560095. (Appellant) (Respondent) For Assessee: Sri Shree Hari Kutsa For Revenue : Sri I T Prakash, Addl. CIT Date of Hearing : 04.04.2019 Date of Pronouncement : 10.04.2019 ORDER PER PAVAN KUMAR GADALE, JM. The assessee has…

Dy. Commissioner of Income Tax, Circle-1(1)(1), Ahmedabad vs. M/S. Atul Ltd., Ahmedabad

In the result, appeal of the Revenue is dismissed, whereas the appeal of the assessee is partly allowed

ITA 286/AHD/2017[2008-09]Status: DisposedITAT Ahmedabad08 Apr 2019AY 2008-09

Bench: Shri Rajpal Yadav & Shri Waseem Ahmedआयकर अपील सं./ Ita No. 137/Ahd/2017 "नधा"रण वष"/Assessment Year: 2008-2009

For Appellant: Shri S.N. Soparkar, Sr.AR with Shri Parin Shah, ARFor Respondent: Shri G.C.Daxini, Sr.DR
Section 143(3)

…s.4,70,510/- worked out for disallowance under section 14A in the book profit computed under section 115JB of the Act. In this behalf, the ld.counsel for the assessee relied upon 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. 13. 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…

Agni Investments Pvt. Ltd., Ahmedabad vs. ITO, Ward 1(1)(2), Ahmedabad

In the result, appeal of the assessee is partly allowed

ITA 2628/AHD/2017[2014-15]Status: DisposedITAT Ahmedabad08 Apr 2019AY 2014-15

Bench: Shri Rajpal Yadav & Shri Waseem Ahmedआयकर अपील सं./ Ita No. 2628/Ahd/2017 "नधा"रण वष"/Assessment Year: 2014-15 Angi Investments P.Ltd. Ito, Ward-1(1)(2) 10 & 11, 4Th Floor, Archan Vs Ahmedabad. 9, Alkapuri Society Usmanpura Ahmedabad 380014. Pan : Aabca 5996 M अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Parin Shah, Ar Revenue By : Shri T.C. Meena, Sr.Dr

For Appellant: Shri Parin Shah, ARFor Respondent: Shri T.C. Meena, Sr.DR
Section 10(34)Section 115JSection 14ASection 234A

…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. 3. 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 ad…

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

In the result, appeal of the Revenue is dismissed, whereas the appeal of the assessee is partly allowed

ITA 137/AHD/2017[2008-09]Status: DisposedITAT Ahmedabad08 Apr 2019AY 2008-09

Bench: Shri Rajpal Yadav & Shri Waseem Ahmedआयकर अपील सं./ Ita No. 137/Ahd/2017 "नधा"रण वष"/Assessment Year: 2008-2009

For Appellant: Shri S.N. Soparkar, Sr.AR with Shri Parin Shah, ARFor Respondent: Shri G.C.Daxini, Sr.DR
Section 143(3)

…s.4,70,510/- worked out for disallowance under section 14A in the book profit computed under section 115JB of the Act. In this behalf, the ld.counsel for the assessee relied upon 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. 13. 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…

Aditya Medisales Limited, Baroda vs. The Dy.CIT, Circle-1(1), Baroda

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

ITA 3049/AHD/2014[2008-09]Status: DisposedITAT Ahmedabad29 Mar 2019AY 2008-09

Bench: Shri Pradip Kumar Kedia & Shri Mahavir Prasad, Judicial Memebr

For Appellant: Shri S. N. Soparkar, A.RFor Respondent: Shri Anshu Prakash, CITD.R
Section 115JSection 14ASection 43B

…आयकर अपील"य अ"धकरण, अहमदाबाद "यायपीठ ‘D’ अहमदाबाद । IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, AHMEDABAD BEFORE SHRI PRADIP KUMAR KEDIA, ACCOUNTANT MEMBER & SHRI MAHAVIR PRASAD, JUDICIAL MEMEBR आयकर अपील सं./I.T.A. Nos. 3049/Ahd/2014, 2511 & 3415, 2512 & 2513/Ahd/2015 ("नधा"रण वष" / Assessment Years : 2008-09, 2009-10, 2010-11 & 2011-12) Aditya Medisales Limited Dy. Commissoner of बनाम/ 402, 4th Floor, R K Center, Income Tax Vs. Fatehgunj, Baroda - Cricle-1(1), Baroda 390002 "थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AABCA9317J (Appellant) .. (Respondent) & आयकर अपील सं./I.T.A. Nos. 2548, 3354, 2549 & 25…