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TMI Blog2021 (10) TMI 556X X X X Extracts X X X X X X X X Extracts X X X X ..... L LTD. [ 2015 (9) TMI 1424 - DELHI HIGH COURT] held that addition cannot be made u/s. 14A to the book-profits in absence of any specific reference in section 115JB - Decided in favour of assessee. - ITA No. 2895/Del/2018 - - - Dated:- 30-9-2021 - Sudhanshu Srivastava, Member (J) And Prashant Maharishi, Member (A) For the Appellant : Anima, Sr. D.R. For the Respondents : S. Vasudevan, C.A. and Shashank Sharma, Adv. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e amount disallowed u/s. 14A of the Act. The Ld. First Appellate Authority deleted the aforesaid addition by following the order of the Special Bench of ITAT Delhi in the case of ACIT vs. Vireet Investments Pvt. Ltd. reported in [2017] 82 Taxmann.com 415 (Delhi Trib.) (SB). 2.2. Now, the Department has approached this Tribunal and has challenged the deletion of disallowance by the Ld. CIT(A) by raising the following grounds of appeal:- 1. Whether on the facts and circumstances of the case, the Ld. CIT(A) has erred in holding that the Assessing Officer is wrong in applying the provisions of Section 14A read with Rule 8D in computing the book profit as per section 115JB of the IT Act whereas express provisions of clause (f) of Explana ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rule 8D of the Income Tax Rules, 1962. 5.1. We further note that the Co-ordinate Bench of ITAT Delhi in assessee's own case for Assessment Years 2008-09 and 2009-10 has again decided the identical issue in assessee's favour in paragraph 69 of the said order by following the orders of the Special Bench of the ITAT in the case of ACIT vs. Vireet Investments Pvt. Ltd. (supra). 5.2. We further note that the Hon'ble Delhi High Court in the case of Pr. CIT vs. Bhushan Steel Ltd. in ITA No. 593/2015 vide order dated 29.09.2015, while upholding the view taken by the ITAT, held that addition cannot be made u/s. 14A to the book-profits in absence of any specific reference in section 115JB of the Act. 5.3. Accordingly, respectful ..... X X X X Extracts X X X X X X X X Extracts X X X X
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