2020 (8) TMI 678

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....961 (for short, the Act) is directed against the order dated 01.8.2018 made in ITA.No.710/Chny/2018 on the file of the Income Tax Appellate Tribunal, Chennai 'C' Bench (for brevity, the Tribunal) for the assessment year 2013-14, by which, the appeal filed by the Revenue was allowed and the cross objection namely Cross Objection No.65/Chny/2018 filed by the assessee was dismissed. 3. The appeal has been admitted on 13.11.2018 on the following substantial questions of law : "i. Whether on the facts of the case, the Income Tax Appellate Tribunal was right in law in reinstating the deletion made on account of disallowance u/s 14A r.w. Rule 8D by the Commissioner of Income Tax (Appeals) notwithstanding the fact that no exempt income was earne....

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....while allowing the appeal filed by the Revenue by applying the law laid down by the Hon'ble Supreme Court in the case of Maxopp Investment Ltd., and that the grounds canvassed in the cross objection ought have to been given due regard and more particularly because of the decision of the Special Bench of the Tribunal at Delhi in the case of ACIT Vs. Vireet Investment Pvt. Ltd. [reported in 82 Taxmann.com 415]. 6. The relevant grounds raised in the cross objection filed by the assessee, which, according to the assessee, have not been dealt with, are as hereunder : "...... 1.2 The CIT(A) having correctly noted that the investments made in the subsidiary companies did not fetch any exempt income this year, rightly directed them to be exclu....

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....during the year under consideration and thereafter decide the issue afresh in accordance with law after affording a reasonable opportunity to the assessee. The Tribunal passed such an order of remand by referring to the decision of the Special Bench of the Delhi Tribunal in the case of Vireet Investment Pvt. Ltd. 10. The larger question would be as to whether the decision of the Special Bench of the Delhi Tribunal in the case of Vireet Investment Pvt. Ltd., can be pressed into service after the decision of the Hon'ble Supreme Court in the case of Maxopp Investment Ltd. In fact, this legal issue was not specifically canvassed before the Tribunal in the case on hand and this is evident from the impugned order, which recorded the submissions ....