2021 (10) TMI 556

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....v. ORDER Per Sudhanshu Srivastava , JM This appeal is preferred by the Department against order dated 28.02.2018 passed by the Learned Commissioner of Income Tax (Appeals)-42, New Delhi {CIT(A)} for Assessment Year 2012-13. 2. The brief facts of the case are that the assessee is a company engaged in the business of leasing and finance. The assessee provides financial assistance in the ....

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.... and book-profits u/s. 115JB at Rs. 5,50,26,19,665/-. The assessment was completed at an income of Rs. 1,52,19,72,150/- after making disallowance of deprecation amounting to Rs. 1,09,18,928/- and disallowance u/s. 14A of the Act amounting to Rs. 8,12,64,498/-. The book-profit was computed at Rs. 5,58,38,84,160/- after making disallowance u/s. 14A amounting to Rs. 8,12,64,498/-. 2.1. Aggrieved, ....

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....e 8D in computing the book profit as per section 115JB of the IT Act whereas express provisions of clause (f) of Explanation to Section 115JB state otherwise. 2. The appellant craves leave for reserving the right to amend, modify, add or forego any ground(s) of appeal at any time before or during the hearing of appeal." 3. At the outset, the Ld. Authorized Representative (AR) submitted....

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....gments relied upon by the Ld. AR in this regard. We agree with the contention of the Ld. AR that the case of the Revenue is not tenable for the reason that ITAT Delhi Special Bench in the case of ACIT vs. Vireet Investments (supra) has categorically held that computation under clause (f) of Explanation-1 to Section 115JB (2) of the Act is to be made without resorting to the computation as contempl....