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TMI Blog2020 (1) TMI 451X X X X Extracts X X X X X X X X Extracts X X X X ..... . Having regard to the fact that the Learned CIT during the proceedings under section 263 of the Income-tax Act,1961 ['the Act'] has not been able to quantify the alleged excess deduction and has only set aside the Order of Assessing Officer (hereinafter referred to as "the AO") directing the AO to reconsider the disallowance in respect of expenses relatable to exempt income under section 10 of the Act, the Learned CIT has erred in concluding that the Order of AO is erroneous and prejudicial to the interests of revenue and consequently further erred in invoking the revision proceedings under section 263 of the Act. 3. Having regard to the fact that the Appellant dealt with only few investments during the year, the Learned CIT ough ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as under: TP adjustment -Rs. 6,92,25,245/- 14 A addition - Rs. 42,17,912/- 2.1 Subsequently, Ld.CIT on perusal of records, observed that the addition made under section 14A was not considered for the purposes of computing book profit under section 115JB of the Act. Ld.CIT accordingly, issued notice to assessee dated 17/03/17 holding assessment order erroneous and prejudicial to the interest of revenue. Assessee filed detailed response to the notice on 28/03/17 which is being reproduced in the order passed by Ld.CIT. 3. Ld.CIT however, was of the opinion, that assessment order dated 30/05/14 was erroneous, as well as prejudicial to the interest of the revenue to the extent that 14A disallowance was not considered for purposes of computi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... both sides in the light of records placed before us. It is observed that the decision of Delhi Special Bench in case of ACIT vs Vireet Investments Pvt. Ltd. (supra) was passed on 16/06/17, whereas impugned order under 263 by Ld.CIT has been passed on 30/03/2017. On date, when order under 263 was passed by Ld. CIT, Delhi Special Bench in case of ACIT vs Vireet Investments Pvt. Ltd. (supra) was not available to the benefit of assessee. However, in the present scenario as decision is available, we cannot uphold order impugned as considering 14A disallowance while computing book profit is contrary to view adopted by Delhi Special Bench in case of ACIT vs Vireet Investments Pvt. Ltd. (supra). 5.1 We place reliance upon decision of Hon'ble Sup ..... X X X X Extracts X X X X X X X X Extracts X X X X
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