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TMI Blog2019 (3) TMI 564X X X X Extracts X X X X X X X X Extracts X X X X ..... We direct the assessee to file the relevant documents/evidence before the AO. Thus the ground No. 1(e) is allowed for statistical purposes. MAT - adjustment to the book profit computation under section 115JB of the Act in respect of disallowance made under section 14A - HELD THAT:- In the case of Vireet Investment Pvt. Ltd. [2017 (6) TMI 1124 - ITAT DELHI] it is held that the disallowance u/s 14A r.w. Rule 8D could not be added while computing the book profits in terms of section 115JB as the Explanation to that section did not specifically mention section 14A of the Act. Hence, the computation under clause (f) of Explanation 1 to section 115JB(2) was to be made without resorting to the computation as contemplated u/s 14A r.w. Rule 8D o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h rule 8D of the Income Tax Rules, 1962 ( The Rules ) without appreciating the fact that no expenditure had been incurred by the appellant in relation to earring exempt income. b) On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in confirming the disallowance under section 14A of the Act read with rule 8D of the Rules disregarding the submission made by the appellant that the entire amount of investment on which exempt income is earned have been made out of self-generated funds and that considering the nature of investments no other expenditure was in fact incurred. The Ld. CIT(A) ought to have appreciated that on the basis of the facts of the appellant, section 14A at the Act read with rule 8D of the Ru ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e that the assessee filed its return of income for the assessment year (AY) 2011-12 on 30.09.2011 declaring total income at ₹ 1,51,23,13,468/-. During the year under consideration, the assessee had claimed exemption on dividend income of ₹ 56,95,623/-. The Assessing Officer (AO) worked out the disallowance u/s 14A r.w. Rule 8D at ₹ 36,16,277/- and made an addition of it to the normal computation as well as book profit u/s 115JB of the Act. In appeal, the Ld. CIT(A) agreed with the calculation done by the AO and confirmed the above disallowance. 4. Before us, the Ld. counsel of the assessee relies on the decision in the case of ACIT v. Vireet Investment 58 ITR (T) 313 (Delhi-ITAT) (SB) and submits that the Ld. CIT(A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in confirming the adjustment to book profit in respect of disallowance made under section 14A of the Act without appreciating the fact that the provisions of section 14A is applicable only for computation of income under Chapter IV of the Act and is not applicable for the purpose of book profit computation under section 115JB of the Act. c) On the facts and in the circumstances of the case and in law, the Ld. CIT(A) ought to have appreciated that the provisions of Chapter XII-B of the Act is a separate code in itself and other provisions of the Act does not affect the computation of book profit under Chapter XII-B of the Act and hence the provisions of s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 003 to charge interest on excess refund granted at the time of summary assessment. As per section 234D(1), in any of the following two cases, interest is attracted : Case 1 if any refund is granted u/s 143(1) but no refund is due on regular assessment. Case 2 if any refund is granted to the assessee u/s 143(1) and the refund so granted exceeds the amount refundable on regular assessment. For the aforesaid purpose, regular assessment means assessment u/s 143(3) as in the instant case. In view of the above provisions, the AO is directed to compute the interest on excess refund, after examining the records. 10. In the result, the appeal is partly allowed. ITA No. 1098/MUM/2017 Assessment Year: 2011-12 11. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he order of the Tribunal in assessee s own case for AY 2008-09, extracted by the Ld. CIT(A) is as under: The decision in the case of Essar Oil Ltd. as above squarely covered the case of the assessee. Therefore, the AO is directed to take cost of acquisition of such assets as have been acquired by it from M/s Tata Motors Ltd. at the cost at which they have been acquired means the actual consideration paid by the assessee company and accordingly allow the depreciation claimed by the assessee. In the result, the ground of appeal is allowed. With the above reasons, the CIT(A) directed the AO to allow the depreciation. 14. Before us, the Ld. DR relies on the order of the AO, whereas the Ld. counsel of the assessee relies on the o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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