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TMI Blog2020 (1) TMI 1568X X X X Extracts X X X X X X X X Extracts X X X X ..... pecial Bench decision in the case of ACIT Vs. Vireet Investments Pvt. Ltd. [ 2017 (6) TMI 1124 - ITAT DELHI] is superior and Tribunal was correct in accepting the view, and granted the relief to the assessee. Hence we found no merits in the Misc. Petition filed by the Revenue and the Misc. Petition is dismissed. X X X X Extracts X X X X X X X X Extracts X X X X ..... of Hon'ble Tribunal at page 3 Para 6 of the order which is read as under : "6. We have heard the rival submissions and perused the material available on record. The sole disputed issue is in respect of disallowance u/s 14A for determining the Book Profits u/s 115JB. The Assessing Officer has completed assessment u/s 143(3) and subsequently was of the opinion that in determining the Book Profits ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rofits as prescribed under Chapter XII-B. Under section 115JB this threshold limit is 18.5%. Thus, total income as computed under the normal provisions of the Act in respect of any previous year relevant to the assessment year commencing on or after the 1st day of April 2012, is less than 18.5% of its Book Profits, such Book Profits shall be deemed to be the total income of the assessee and tax sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... its under MAT provisions." Though the Revenue has raised the objections, we found the Special Bench decision in the case of ACIT Vs. Vireet Investments Pvt. Ltd. (supra) is superior and Tribunal was correct in accepting the view, and granted the relief to the assessee. Hence we found no merits in the Misc. Petition filed by the Revenue and the Misc. Petition is dismissed. 3. In the result, the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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