2018 (6) TMI 1590

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....acts and in the circumstanced of the case and in law, the Ld. CJT(A) erred in directing the AO to allow the claim of deduction u/s. 80IA(4) of the I.T. Act, 1961 amounting to Rs. 80,55,84,323/- relying on the decision of the Ld. CIT(A) and the decision of the Hon'ble Jurisdictional High Court in the case of CIT-II, Thane v/s. Continental Warehousing corporation alongwith other cases in ITA No. 523/2013 & 1969/2013 dated 21.04.2015 and Hon. Jurisdictional ITAT decision in the case of All Cargo Global Logistics Ltd. v/s. DCIT, ITA No. 5018 to 5022 and 5059/M/10 dated 06.07.2012." 3. At the outset, in this case, the ld. Counsel of the assessee submitted that the issue involved is squarely covered in favour of the assessee by the decision of....

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....porary admissions, re-export, temporary storage for onward transit and outright export, trnas-shipment, take place from such stations. Hon'ble Delhi High Court in the case of Container Corporation India Ltd. (supra) where the assessee carried out activities of Inland Container Depot; Central Freight Stations and port Containers' Terminals, the Hon'ble Court held that the profit derived from such activity is eligible for deduction under section 80IA(4). Our Hon'ble jurisdictional High Court following the aforesaid decision of Hon'ble Delhi High Court has reiterated the same view. 6. Thereafter, the tribunal referred to the observation of the All Cargo Global Logistics Ltd. Finally, the tribunal concluded as un....

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...., the Assessing Officer has noted that the assessee has earned exempt income and it has not made any disallowance u/s. 14A of the Act. The Assessing Officer was not convinced by the explanation of the assessee. He made the following disallowance: 1. Under Rule 8D(2)(ii) Rs. 15,61,317/- 2. Under Rule 8D(2)(iii) Rs. 6,70,830/- Total disallowance was made at Rs. 22,32,147/- This disallowance was also to be done while computing the book profit u/s. 115JB of the Act. 11. Upon the assessee's appeal, the ld. Commissioner of Income Tax (Appeals) has confirmed the order. 12. Against the above order, the assessee has filed a cross objection. 13. We have heard both the counsel and perused the records. As regards ....

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...., which duly followed the ratio from the Hon'ble jurisdictional High Court decision as referred above. 15. As regards the disallowance u/s. 8D(2)(iii), it is noted that earlier the assessee has not pressed this issue and, hence, the addition @ 0.5% of the average value of the investment was confirmed by the ITAT in the earlier year. Now, the ld. Counsel of the assessee has prayed that the assessee needs to be granted relief in this regard with reference to the decision of the ITAT Special Bench in the case of ACIT vs. Vireet Investment P. Ltd. vide order dated 16.06.2017, wherein it was expounded that the investment which did not yield exempt income should not enter into the computation while arriving at the average value of investme....