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2020 (12) TMI 716
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....39;BLE ACCOUNTANT MEMBER Assessee by: Shri Madhur Agarwal Department by: Shri Kumar Padmapani Bora ORDER PER C.N. PRASAD (JM) 1. This appeal and cross objection are filed by the Revenue and Assessee for the A.Y. 2012-13 against the order of the Learned Commissioner of Income Tax (Appeals) - 22, Mumbai [hereinafter in short "Ld.CIT(A)"] dated 05.04.2018. 2. Revenue challenged the ....
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....and surplus, far in excess of the investments made by it in equity shares which got yielded exempt income. We do not find any infirmity in the order of the Ld.CIT(A). Thus, the grounds of the revenue on this issue are dismissed. 5. In so far as, disallowance u/s. 14A while computing book profits u/s.115JB of the Act is concerned, Ld.CIT(A) following the decision of Hon'ble Special Bench of ....
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....IT v. Vireet Investments Private Limited (supra) only those investments which yielded dividend income should be considered for the purpose of computing disallowance under Rule 8D(2)(iii) of I.T. Rules. Respectfully following the decision of the Hon'ble Special Bench in the case of ACIT v. Vireet Investments Private Limited (supra), we direct the Assessing Officer to compute the disallowance as....