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.

Deputy Commissioner of Income Tax, Madurai vs. Ramco Cements Limited, Rajapalayam

In the result, both the appeals filed by the Revenue are dismissed

ITA 3234/CHNY/2024[2011-12]Status: DisposedITAT Chennai17 Apr 2025AY 2011-12

Bench: Shri S.S. Viswanethra Ravi & Shri Jagadishआयकर अपील सं./I.T.A. Nos.3234 & 3059/Chny/2024 िनधा"रण वष"/Assessment Years: 2011-12 & 2015-16 The Deputy/Assistant Commissioner Vs. Ramco Cements Limited, Of Income Tax, Ramamandiram, Rajapalayam, Corporate Circle 2, Virudhunagar District – 626 117, Madurai. Tamil Nadu. [Pan:Aabcm8375L] (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri Shivanand K Kalakeri, Cit ""थ" की ओर से/Respondent By : Shri S. Muralidhar, F.C.A. & Shri J. Prabhakar, F.C.A. सुनवाई की तारीख/ Date Of Hearing : 09.04.2025 घोषणा की तारीख /Date Of Pronouncement : 17.04.2025 आदेश /O R D E R Per S.S. Viswanethra Ravi: Both The Appeals Filed By The Revenue Are Directed Against Separate Orders Dated 17.10.2024 Passed By The Ld. Commissioner Of Income Tax (Appeals), National Faceless Appeal Centre (Nfac), Delhi For The Assessment Year 2011-12 & Order Dated 27.09.2024 Passed By The Ld. Cit(A) – 16, Chennai For The Assessment Year 2015-16. 2. Since Issues Raised In Both The Appeals Are Similar Based On The Same Identical Facts, With The Consent Of Both The Parties, We Proceed To 2

For Appellant: Shri Shivanand K Kalakeri, CiTFor Respondent: Shri S. Muralidhar, F.C.A. &

…re- compute the disallowance only by considering those investments which have yielded any exempt income during the year. This disallowance could not be made u/s 115JB as per the decision of Special bench of Tribunal in the case of Vireet Investments Pvt. Ltd (165 ITD 27) which held that disallowance u/s 14A r.w.r. 8D has no application while computing the book profit u/s 115JB. Respectfully following the same, we direct Ld. AO not to make this adjustment u/s 9 I.T.A. Nos.3234 & 3059/Chny/24 115JB. The corresponding grounds raised by the assessee stand partly allowed. vi) The appellant, during the course of appe…

Assistant Commissioner of Income Tax, Madurai vs. Ramco Cements Limited, Rajapayalam

In the result, both the appeals filed by the Revenue are dismissed

ITA 3059/CHNY/2024[2015-16]Status: DisposedITAT Chennai17 Apr 2025AY 2015-16

Bench: Shri S.S. Viswanethra Ravi & Shri Jagadishआयकर अपील सं./I.T.A. Nos.3234 & 3059/Chny/2024 िनधा"रण वष"/Assessment Years: 2011-12 & 2015-16 The Deputy/Assistant Commissioner Vs. Ramco Cements Limited, Of Income Tax, Ramamandiram, Rajapalayam, Corporate Circle 2, Virudhunagar District – 626 117, Madurai. Tamil Nadu. [Pan:Aabcm8375L] (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri Shivanand K Kalakeri, Cit ""थ" की ओर से/Respondent By : Shri S. Muralidhar, F.C.A. & Shri J. Prabhakar, F.C.A. सुनवाई की तारीख/ Date Of Hearing : 09.04.2025 घोषणा की तारीख /Date Of Pronouncement : 17.04.2025 आदेश /O R D E R Per S.S. Viswanethra Ravi: Both The Appeals Filed By The Revenue Are Directed Against Separate Orders Dated 17.10.2024 Passed By The Ld. Commissioner Of Income Tax (Appeals), National Faceless Appeal Centre (Nfac), Delhi For The Assessment Year 2011-12 & Order Dated 27.09.2024 Passed By The Ld. Cit(A) – 16, Chennai For The Assessment Year 2015-16. 2. Since Issues Raised In Both The Appeals Are Similar Based On The Same Identical Facts, With The Consent Of Both The Parties, We Proceed To 2

For Appellant: Shri Shivanand K Kalakeri, CiTFor Respondent: Shri S. Muralidhar, F.C.A. &

…re- compute the disallowance only by considering those investments which have yielded any exempt income during the year. This disallowance could not be made u/s 115JB as per the decision of Special bench of Tribunal in the case of Vireet Investments Pvt. Ltd (165 ITD 27) which held that disallowance u/s 14A r.w.r. 8D has no application while computing the book profit u/s 115JB. Respectfully following the same, we direct Ld. AO not to make this adjustment u/s 9 I.T.A. Nos.3234 & 3059/Chny/24 115JB. The corresponding grounds raised by the assessee stand partly allowed. vi) The appellant, during the course of appe…

Aon Consulting Private Limited, New Delhi vs. DCIT, Circle-1(1), Delhi

In the result, appeal of the assessee is partly allowed in the terms aforesaid

ITA 739/DEL/2022[2017-18]Status: DisposedITAT Delhi09 Apr 2025AY 2017-18

Bench: Shri Vikas Awasthy & Shri Pradip Kumar Kediaआअसं.739/िद"ी/2022(िन.व. 2017-18) M/S Aon Consulting P. Ltd., Aon Centre, 9Th To 11Th, Building No.2, Unitech Realty Projects Ltd., (Sez), Village Tikri, Sector 48, Gurgaon, Haryana 122001 ...... अपीलाथ"/Appellant Pan: Aahca-0739-J बनाम Vs. Deputy Commissioner Of Income Tax, ..... "ितवादी/Respondent Circle 1(1), Delhi Assessee By : Shri Darpan Kirpalani, Advocate Department By : S/Shri Rajesh Kumar & Rajesh Kumar Dhanesta, Sr. Dr सुनवाई क" ितिथ/ Date Of Hearing : 17/01/2025 घोषणा क" ितिथ/ Date Of Pronouncement : : 09/04/2025 आदेश/Order Per Vikas Awasthy, Jm: This Appeal By The Assessee Is Directed The Assessment Order Dated 22.02.2022 Passed U/S. 143 R.W.S. 144C(13) R.W.S 144B Of The Income Tax Act,1961(Hereinafter Referred To As ‘The Act’). 2. The Assessee In Appeal Has Assailed Transfer Pricing Adjustment Made In Respect Of Software Development Services Segment. The Assessee Has Also Assailed Some Additions On Corporate Issue, Viz. Disallowance Made U/S. 14A R.W.S. 8D & Additions Based On Intimation U/S. 143(1) Of The Act.

For Appellant: Shri Darpan Kirpalani, AdvocateFor Respondent: S/Shri Rajesh Kumar & Rajesh Kumar Dhanesta, Sr. DR
Section 143Section 143(1)Section 14A

…es, however, no exempt income has been earned on such investments. Thus, for disallowance under Rule 8D(2)(iii), aforesaid investments cannot be taken into account. The Special Bench of Tribunal in the case of Assistant CIT vs. Vireet Investments (P) 16 Ltd. 165 ITD 27 (SB-Delhi) has held that for the purpose of making disallowance Rule 8D(2)(iii), only dividend yielding investments are to be considered. 16. We deem it appropriate to restore this issue back to the AO for re- computation of disallowance under Rule 14A r.w.r. 8D in light of above observations. In the result, ground no. 4 to 7 of appeal are allowed…

Assistant Commissioner of Income Tax, Madurai vs. Ramco Industries Limited, Chennai

Appeals of the revenue are dismissed

ITA 2901/CHNY/2024[2013-14]Status: DisposedITAT Chennai07 Apr 2025AY 2013-14

Bench: Shri Manu Kumar Giri & Shri Jagadishआयकरअपीलसं./I.T.A.No.2900 & 2901/Chny/2024 (निर्धारण वर्ष / Assessment Year: 2011-12 & 2013-14)

Section 115JSection 143(3)Section 14ASection 263

…re-compute the disallowance only by considering those investments which have yielded any exempt income during the year. This disallowance could not be made u/s 115JB as per the decision of Special bench of Tribunal in the case of Vireet Investments Pvt. Ltd. (165 ITD 27) which held that disallowance u/s 14A r.w.r. 8D has no application while computing the book profit u/s 115JB. Respectfully following the same, we direct Ld. AO not to make this adjustment u/s 115JB. The corresponding grounds raised by the assessee stand partly allowed. 10. The judgment of the Hon'ble Delhi High Court in the case of PCIT Vs Era I…

Assistant Commissioner of Income Tax, Madurai vs. Ramco Industries Limited, Chennai

Appeals of the revenue are dismissed

ITA 2900/CHNY/2024[2011]Status: DisposedITAT Chennai07 Apr 2025

Bench: Shri Manu Kumar Giri & Shri Jagadish

For Appellant: Mr.V.Justin, CITFor Respondent: Mr. S.Muralidhar, FCA &
Section 115JSection 143(3)Section 144Section 14ASection 263

…re-compute the disallowance only by considering those investments which have yielded any exempt income during the year. This disallowance could not be made u/s 115JB as per the decision of Special bench of Tribunal in the case of Vireet Investments Pvt. Ltd. (165 ITD 27) which held that disallowance u/s 14A r.w.r. 8D has no application while computing the book profit u/s 115JB. Respectfully following the same, we direct Ld. AO not to make this adjustment u/s 115JB. The corresponding grounds raised by the assessee stand partly allowed. 10. The judgment of the Hon’ble Delhi High Court in the case of PCIT Vs Era In…

Deputy Commissioner of Income Tax, Chennai vs. Cholamandalam Ms General Insurance Company Limited, Chennai

In the result, Revenue Appeal for AY 2012-13 stands dismissed

ITA 1462/CHNY/2024[2016-17]Status: DisposedITAT Chennai19 Mar 2025AY 2016-17

Bench: Shri Aby T. Varkey & Shri Manoj Kumar Aggarwal

For Appellant: Mr. Sandeep BagmarFor Respondent: Mr. Nilay Baran Som, CIT
Section 115JSection 14ASection 2Section 37(1)

…gard by holding that disallowance made u/s.14A of the Act r.w.r.8D can’t be adjusted while computing book profit u/s.115JB of the Act by relying on Special Bench decision of the Tribunal in the case of ACIT v. Vireet Investments Pvt. Ltd. reported in [2017] 165 ITD 27 (Delhi Trib.) (Special Bench). We, therefore, confirm the impugned action of the Ld.CIT(A) by taking note of the decision of the Special Bench in the case of Vireet Investments Pvt. Ltd. (supra) wherein, it was held that provisions of Sec.14A r.w.r.8D will not apply while computing the book ITA No.1282, 1283 to 1285/Chny/2024 (AYs 2011-12, 2016…

Deputy Commissioner of Income Tax, Nungambakkam Chennai vs. Cholamandalam Ms General Insurance Company Limited, Chennai

In the result, Revenue Appeal for AY 2012-13 stands dismissed

ITA 1438/CHNY/2024[2011-12]Status: DisposedITAT Chennai19 Mar 2025AY 2011-12

Bench: Shri Aby T. Varkey & Shri Manoj Kumar Aggarwal

For Appellant: Mr. Sandeep BagmarFor Respondent: Mr. Nilay Baran Som, CIT
Section 115JSection 14ASection 2Section 37(1)

…gard by holding that disallowance made u/s.14A of the Act r.w.r.8D can’t be adjusted while computing book profit u/s.115JB of the Act by relying on Special Bench decision of the Tribunal in the case of ACIT v. Vireet Investments Pvt. Ltd. reported in [2017] 165 ITD 27 (Delhi Trib.) (Special Bench). We, therefore, confirm the impugned action of the Ld.CIT(A) by taking note of the decision of the Special Bench in the case of Vireet Investments Pvt. Ltd. (supra) wherein, it was held that provisions of Sec.14A r.w.r.8D will not apply while computing the book ITA No.1282, 1283 to 1285/Chny/2024 (AYs 2011-12, 2016…

Deputy Commissioner of Income Tax Officer, Chennai vs. Cholamandalam Ms General Insurance Company Limited, Chennai

In the result, Revenue Appeal for AY 2012-13 stands dismissed

ITA 1339/CHNY/2024[2018-19]Status: DisposedITAT Chennai19 Mar 2025AY 2018-19

Bench: Shri Aby T. Varkey & Shri Manoj Kumar Aggarwal

For Appellant: Mr. Sandeep BagmarFor Respondent: Mr. Nilay Baran Som, CIT
Section 115JSection 14ASection 2Section 37(1)

…gard by holding that disallowance made u/s.14A of the Act r.w.r.8D can’t be adjusted while computing book profit u/s.115JB of the Act by relying on Special Bench decision of the Tribunal in the case of ACIT v. Vireet Investments Pvt. Ltd. reported in [2017] 165 ITD 27 (Delhi Trib.) (Special Bench). We, therefore, confirm the impugned action of the Ld.CIT(A) by taking note of the decision of the Special Bench in the case of Vireet Investments Pvt. Ltd. (supra) wherein, it was held that provisions of Sec.14A r.w.r.8D will not apply while computing the book ITA No.1282, 1283 to 1285/Chny/2024 (AYs 2011-12, 2016…

Cholamandalam Ms General Insurance Company Limited, Chennai vs. DCIT, Non Corp Ward 8, Chennai

In the result, Revenue Appeal for AY 2012-13 stands dismissed

ITA 1285/CHNY/2024[2018-19]Status: DisposedITAT Chennai19 Mar 2025AY 2018-19

Bench: Shri Aby T. Varkey & Shri Manoj Kumar Aggarwal

For Appellant: Mr. Sandeep BagmarFor Respondent: Mr. Nilay Baran Som, CIT
Section 115JSection 14ASection 2Section 37(1)

…gard by holding that disallowance made u/s.14A of the Act r.w.r.8D can’t be adjusted while computing book profit u/s.115JB of the Act by relying on Special Bench decision of the Tribunal in the case of ACIT v. Vireet Investments Pvt. Ltd. reported in [2017] 165 ITD 27 (Delhi Trib.) (Special Bench). We, therefore, confirm the impugned action of the Ld.CIT(A) by taking note of the decision of the Special Bench in the case of Vireet Investments Pvt. Ltd. (supra) wherein, it was held that provisions of Sec.14A r.w.r.8D will not apply while computing the book ITA No.1282, 1283 to 1285/Chny/2024 (AYs 2011-12, 2016…

Cholamandalam Ms General Insurance Company Limited, Chennai vs. DCIT, Non Corp Circle 8, Chennai

In the result, Revenue Appeal for AY 2012-13 stands dismissed

ITA 1284/CHNY/2024[2017-18]Status: DisposedITAT Chennai19 Mar 2025AY 2017-18

Bench: Shri Aby T. Varkey & Shri Manoj Kumar Aggarwal

For Appellant: Mr. Sandeep BagmarFor Respondent: Mr. Nilay Baran Som, CIT
Section 115JSection 14ASection 2Section 37(1)

…gard by holding that disallowance made u/s.14A of the Act r.w.r.8D can’t be adjusted while computing book profit u/s.115JB of the Act by relying on Special Bench decision of the Tribunal in the case of ACIT v. Vireet Investments Pvt. Ltd. reported in [2017] 165 ITD 27 (Delhi Trib.) (Special Bench). We, therefore, confirm the impugned action of the Ld.CIT(A) by taking note of the decision of the Special Bench in the case of Vireet Investments Pvt. Ltd. (supra) wherein, it was held that provisions of Sec.14A r.w.r.8D will not apply while computing the book ITA No.1282, 1283 to 1285/Chny/2024 (AYs 2011-12, 2016…

Reckitt Benckiser (India) Pvt. Ltd., Gurgaon vs. D.C.I.T., Circle - 11(1), Kolkata

In the result, the appeals of the assessee are partly allowed for statistical purposes

ITA 1801/KOL/2024[2020-2021]Status: DisposedITAT Kolkata18 Mar 2025AY 2020-2021

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarmaita Nos.78/Kol/2018 Assessment Year: 2013-14 &

For Appellant: Shri Deepak Chopra, AR & Shri Rohan Khare, ARFor Respondent: Shri Guru Bhashyam, CIT, DR
Section 143(3)Section 144CSection 144C(13)Section 144C(5)Section 92BSection 92C

…provisions of sub-section (2) & (3) of section 14A of the Act and therefore the disallowance made by applying rule 8D cannot also be imported. The special Bench of this Tribunal in the case of Asstt. CIT v. Vireet Investment (P.) Ltd. [2017] 82 taxmann.com415/165 ITD 27 (Delhi - Trib.) has held that the computation mechanism provided under rule 8D of the Rules cannot be applied for computing addition in terms of clause (f) of Explanation 1,for arriving at the book profit/s 115JB of the Act. Identical view has also been expressed by the coordinate Benches of this Tribunal in the following cases: - Britannia Indust…

Reckitt Benckiser (India) Pvt Ltd., Kolkata vs. DCIT, Circle-12(1), Kolkata

In the result, the appeals of the assessee are partly allowed for statistical purposes

ITA 2631/KOL/2019[2015-16]Status: DisposedITAT Kolkata18 Mar 2025AY 2015-16

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarmaita Nos.78/Kol/2018 Assessment Year: 2013-14 &

For Appellant: Shri Deepak Chopra, AR & Shri Rohan Khare, ARFor Respondent: Shri Guru Bhashyam, CIT, DR
Section 143(3)Section 144CSection 144C(13)Section 144C(5)Section 92BSection 92C

…provisions of sub-section (2) & (3) of section 14A of the Act and therefore the disallowance made by applying rule 8D cannot also be imported. The special Bench of this Tribunal in the case of Asstt. CIT v. Vireet Investment (P.) Ltd. [2017] 82 taxmann.com415/165 ITD 27 (Delhi - Trib.) has held that the computation mechanism provided under rule 8D of the Rules cannot be applied for computing addition in terms of clause (f) of Explanation 1,for arriving at the book profit/s 115JB of the Act. Identical view has also been expressed by the coordinate Benches of this Tribunal in the following cases: - Britannia Indust…

Reckitt Benckiser (India) Pvt Ltd., Kolkata vs. DCIT, Circle-12(1), Kolkata

In the result, the appeals of the assessee are partly allowed for statistical purposes

ITA 78/KOL/2018[2013-14]Status: DisposedITAT Kolkata18 Mar 2025AY 2013-14

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarmaita Nos.78/Kol/2018 Assessment Year: 2013-14 &

For Appellant: Shri Deepak Chopra, AR & Shri Rohan Khare, ARFor Respondent: Shri Guru Bhashyam, CIT, DR
Section 143(3)Section 144CSection 144C(13)Section 144C(5)Section 92BSection 92C

…provisions of sub-section (2) & (3) of section 14A of the Act and therefore the disallowance made by applying rule 8D cannot also be imported. The special Bench of this Tribunal in the case of Asstt. CIT v. Vireet Investment (P.) Ltd. [2017] 82 taxmann.com415/165 ITD 27 (Delhi - Trib.) has held that the computation mechanism provided under rule 8D of the Rules cannot be applied for computing addition in terms of clause (f) of Explanation 1,for arriving at the book profit/s 115JB of the Act. Identical view has also been expressed by the coordinate Benches of this Tribunal in the following cases: - Britannia Indust…

Gyan Enterprises Private Limited, New Delhi vs. National E Assessment Center, New Delhi

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

ITA 2332/DEL/2024[2018-2019]Status: DisposedITAT Delhi18 Mar 2025AY 2018-2019

Bench: Shri Challa Nagendra Prasad & Shribrajesh Kumar Singhआ.अ.सं/.I.T.A No.2332/Del/2024 िनधा"रणवष"/Assessment Year:2018-19 बनाम Gyan Enterprises Private National E-Assessment Vs. Limited, Center, Delhi-110002 Punjabi Bhawan, 10 Rouse Avenue, Delhi-110002 अपीलाथ" Appellant ""यथ"/Respondent Pan:Aaacg0512G

Section 10(34)Section 10(38)Section 143(3)Section 14A

…isallowance if any required to be made in terms of Rule8D(2)(ii) then it should be restricted to the extent of 1% income yielding shares and relied upon following decisions:- i. ACB India Ltd. vs ACIT 374 ITR 108 (Del.) ii. CIT vs Vireet Investment (P) Ltd. 165 ITD 27 (Del.) 8.3. Regarding the PMS charges paid to two concerns, it was submitted that the assessee earned exempt income amounting to Rs.1,18,88,480/- under the head Long Term Capital Gain on which STT was paid, whereas in respect of other Long Term Capital Gain on which no STT was paid as well as the Short Term Capital Gain were not claimed as exempt…

M/S. Atlanta Infra Assets Limited, Mumbai vs. DCIT, Circle -9(1)(2), Mumbai

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

ITA 298/MUM/2025[2017-18]Status: DisposedITAT Mumbai28 Feb 2025AY 2017-18

Bench: Shri B.R. Baskaran & Shri Narender Kumar Choudhryassessment Year : 2017-18 M/S. Atlanta Infra Assets Dy. Commissioner Of Limited, Income Tax, 501, Supreme Chambers, Vs. Circle-9(1)(2), Off Veer Desai Road, 2Nd Floor, Andheri (East), Aayakar Bhavan, Mumbai Maharshi Karve Road, Pan : Aaccb7416Q Mumbai (Appellant) (Respondent)

For Appellant: Shri Malav P. ShethFor Respondent: Shri Umesh Chandra Sinha
Section 115JSection 14A

…Ld CIT(A) also confirmed the same. 5.1. First of all, the AO is not correct in adopting the disallowance amount computed u/s 14A of the Act for the purpose of sec.115JB. It is so held by the Delhi Special Bench of ITAT in the case of Vireet Investments P Ltd (165 ITD 27)(SB). Secondly, there is no necessity to make any addition to the net profit under clause (f) of Explanation to sec. 115JB, since the assessee has not earned any exempt income. Hence, the AO was not correct in law in making the above said addition to the net profit u/s 115JB of the Act and accordingly, the Ld CIT(A) was not justified in confirming…

Assistant Commissioner of Income Tax, Madurai vs. Ramco Industries Limited, Madurai

Appeals of the revenue stand dismissed

ITA 2884/CHNY/2024[2020]Status: DisposedITAT Chennai24 Feb 2025

Bench: Hon’Ble Shri Manoj Kumar Aggarwal & Hon’Ble Shri Manu Kumar Giriआयकरअपील सं./ Ita Nos.2883 & 2884/Chny/2024. (िनधा"रणवष" / Assessment Years: 2018-2019 & 2020-2021) The Assistant Commissioner Of Vs. Ramco Industries Limited, Income Tax, 47, Psk Nagar, Corporate Circle, Rajapalayam 626 108. Madurai [Pan Aaacr 5284J] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant By : Shri. S. Muralidhar & Shri J. Prabhakar, F.C.As. ""यथ" क" ओर से /Respondent By : Shri. R. Bhoopathi, Addl. Cit. सुनवाई क" तार"ख/Date Of Hearing : 06.02.2025 घोषणा क" तार"ख /Date Of Pronouncement : 24.02.2025 आदेश / O R D E R Per Manu Kumar Giri ()

For Appellant: Shri. S. Muralidhar and Shri JFor Respondent: Shri. R. Bhoopathi, Addl. CIT
Section 115JSection 143(3)Section 14A

…re-compute the disallowance only by considering those investments which have yielded any exempt income during the year. This disallowance could not be made u/s 115JB as per the decision of Special bench of Tribunal in the case of Vireet Investments Pvt. Ltd. (165 ITD 27) which held that disallowance u/s 14A r.w.r. 8D has no application while computing the book profit u/s 115JB. Respectfully following the same, we direct Ld. AO not to make this adjustment u/s 115JB. The corresponding grounds raised by the assessee stand partly allowed. 9. The judgment of the Hon’ble Delhi High Court in the case of PCIT Vs Era Infr…

Assistant Commissioner of Income Tax, Madurai vs. Ramco Industries Limited, Rajapalayam

Appeals of the revenue stand dismissed

ITA 2883/CHNY/2024[2018]Status: DisposedITAT Chennai24 Feb 2025

Bench: Hon’Ble Shri Manoj Kumar Aggarwal & Hon’Ble Shri Manu Kumar Giriआयकरअपील सं./ Ita Nos.2883 & 2884/Chny/2024. (िनधा"रणवष" / Assessment Years: 2018-2019 & 2020-2021) The Assistant Commissioner Of Vs. Ramco Industries Limited, Income Tax, 47, Psk Nagar, Corporate Circle, Rajapalayam 626 108. Madurai [Pan Aaacr 5284J] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant By : Shri. S. Muralidhar & Shri J. Prabhakar, F.C.As. ""यथ" क" ओर से /Respondent By : Shri. R. Bhoopathi, Addl. Cit. सुनवाई क" तार"ख/Date Of Hearing : 06.02.2025 घोषणा क" तार"ख /Date Of Pronouncement : 24.02.2025 आदेश / O R D E R Per Manu Kumar Giri ()

For Appellant: Shri. S. Muralidhar and Shri JFor Respondent: Shri. R. Bhoopathi, Addl. CIT
Section 115JSection 143(3)Section 14A

…re-compute the disallowance only by considering those investments which have yielded any exempt income during the year. This disallowance could not be made u/s 115JB as per the decision of Special bench of Tribunal in the case of Vireet Investments Pvt. Ltd. (165 ITD 27) which held that disallowance u/s 14A r.w.r. 8D has no application while computing the book profit u/s 115JB. Respectfully following the same, we direct Ld. AO not to make this adjustment u/s 115JB. The corresponding grounds raised by the assessee stand partly allowed. 9. The judgment of the Hon’ble Delhi High Court in the case of PCIT Vs Era Infr…

Muthu Thevar Nagarajan, Dindigul vs. ITO, Ward-1., Dindigul

Appeals of the revenue stand dismissed

ITA 2083/CHNY/2024[2018-19]Status: DisposedITAT Chennai24 Feb 2025AY 2018-19

Bench: Hon’Ble Shri Manoj Kumar Aggarwal & Hon’Ble Shri Manu Kumar Giriआयकरअपील सं./ Ita Nos.2883 & 2884/Chny/2024. (िनधा"रणवष" / Assessment Years: 2018-2019 & 2020-2021) The Assistant Commissioner Of Vs. Ramco Industries Limited, Income Tax, 47, Psk Nagar, Corporate Circle, Rajapalayam 626 108. Madurai [Pan Aaacr 5284J] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant By : Shri. S. Muralidhar & Shri J. Prabhakar, F.C.As. ""यथ" क" ओर से /Respondent By : Shri. R. Bhoopathi, Addl. Cit. सुनवाई क" तार"ख/Date Of Hearing : 06.02.2025 घोषणा क" तार"ख /Date Of Pronouncement : 24.02.2025 आदेश / O R D E R Per Manu Kumar Giri ()

For Appellant: Shri. S. Muralidhar and Shri JFor Respondent: Shri. R. Bhoopathi, Addl. CIT
Section 115JSection 143(3)Section 14A

…re-compute the disallowance only by considering those investments which have yielded any exempt income during the year. This disallowance could not be made u/s 115JB as per the decision of Special bench of Tribunal in the case of Vireet Investments Pvt. Ltd. (165 ITD 27) which held that disallowance u/s 14A r.w.r. 8D has no application while computing the book profit u/s 115JB. Respectfully following the same, we direct Ld. AO not to make this adjustment u/s 115JB. The corresponding grounds raised by the assessee stand partly allowed. 9. The judgment of the Hon’ble Delhi High Court in the case of PCIT Vs Era Infr…

Intas Biopharmaceuticals Ltd., Ahmedabad vs. The Dy.Commissioner of Income Tax, R-2(1)(1), Ahmedabad

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

ITA 1035/AHD/2016[2012-13]Status: DisposedITAT Ahmedabad12 Feb 2025AY 2012-13

Bench: Ms. Suchitra Kamble & Shri Makarand Vasant Mahadeokarassessment Year: 2012-13

Section 14ASection 35Section 43B

…(A) has erred in confirming in making addition on account of Sec.14A addition made in the assessment to the book profit u/s.115JB, when no such addition can be made. The Ld. AR relied upon the decision of Special Bench of Tribunal in case of Vireet Investment 165 ITD 27 (SB). 33. The Ld. DR relied upon the Assessing Officer and the order of the CIT(A). Intas Biopharmaceuticals Ltd. Page 16 of 18 34. We have heard both the parties and perused all the relevant material available on record. In light of the decisions of the Special Bench in case of Vireet Investment (supra) and the decisions of the various High Cou…

DCIT 3(2)(1), Mumbai vs. M/S. Jindal Drugs Pvt. Ltd., Mumbai

In the result,appeal of the Revenue in ITA

ITA 5915/MUM/2024[2013-14]Status: DisposedITAT Mumbai21 Jan 2025AY 2013-14

Bench: Shri Sandeep Gosain & Shri Prabhash Shankardeputy Commissioner Of V/S. M/S Jindal Drugs Pvt. Ltd., Income Tax बनाम 12Th Floor, 3(2)(1),Aayakarbhawan, Bakhtawarramnathgoenka Room No. 608 Mumbai – Marg, Nariman Point Mumbai - 400020, Maharashtra 400 021, Maharashtra स्थायी लेखा सं./जीआइआर सं./ Pan/Gir No: Aaacj1000A Appellant/अपीलार्थी .. Respondent/प्रतिवादी M/S Jindal Drugs Pvt. Ltd., V/S. Assistant Commissioner 12Th Floor, बनाम Of Income Tax 3(2)(1), Bakhtawarramnathgoenka Marg, Aayakarbhawan, Room No. 229Nariman Point Mumbai - 400 608 Mumbai – 400 020, 021, Maharashtra Maharashtra स्थायी लेखा सं./जीआइआर सं./ Pan/Gir No: Aaacj1000A Appellant/अपीलार्थी .. Respondent/प्रतिवादी

For Appellant: Shri Rahul Hakkani,ARFor Respondent: Shri Sunil Mathews (Sr. DR)
Section 143(3)Section 14ASection 8D(2)(ii)

…utation of income. 11. In this connection,at the outset, the ld AR stated that this issue is covered in favour of assessee and against Revenue by the decision of Special Bench of this Tribunal in the case of Asstt. CIT v. Vireet Investments (P.) Ltd. [2017] 165 ITD 27/82 taxmann.com 415 (Delhi - Trib.) (SB) wherein the Tribunal has clearly held that no disallowance under section 14A of the Act r.w.r 8D of the Rules can be P a g e | 14 ITA No. 5763 & 5915/Mum/2024 A.Y. 2013-14 M/s Jindal Drugs Pvt.Ltd. made while computing book profit under section 115JB of the Act. The ld.DR could not controvert the above propo…