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TMI Blog2020 (12) TMI 716X X X X Extracts X X X X X X X X Extracts X X X X ..... URT] deleted the disallowance as the assessee has its own interest free funds by way of share capital reserves 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. Disallowance u/s. 14A while computing book profits u/s. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essing Officer to compute the disallowance as per Rule 8D(2)(iii) of I.T. Rules by considering only those investments which yielded dividend income during the assessment year under consideration. - CO.NO. 172/MUM/2019, ITA NO. 4471/MUM/2018 (A.Y: 2012-13) - - - Dated:- 30-9-2020 - SHRI C.N. PRASAD, HON'BLE JUDICIAL MEMBER AND SHRI M. BALAGANESH, HON'BLE ACCOUNTANT MEMBER Assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t disallowance under Rule 8D(2)(ii) of I.T Rules is concerned, we find that Ld.CIT(A) following the decision of the Hon'ble Jurisdictional High Court in the case of CIT v. Reliance Utilities and Power Ltd. [313 ITR 340] and CIT v. HDFC Bank [49 taxmann.com 335] deleted the disallowance as the assessee has its own interest free funds by way of share capital reserves and surplus, far in excess o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lowing the said decision we restore this issue to the file of the Assessing Officer who shall decide in accordance with the decision of the Special Bench and compute the book profits accordingly. Grounds on this issue are allowed for statistical purpose. 6. Coming to the cross objection filed by the assessee, it is the only submission of the assessee that applying ACIT v. Vireet Investments Pri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9 pandemic. The pronouncement is as per Rule 34(5) of Income Tax Appellate Tribunal Rules, 1963 and Hon'ble Bombay High Court decision vide orders dated 15.04.2020 and 15.06.2020 extending the time bound periods specified by Hon'ble High Court by removing the period under lockdown. This aspect was also dealt with in detail by the Mumbai Bench of the Tribunal in case of DCIT v. JSW Steel Vi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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