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1 - 10 of 23 (1.18 seconds)Section 14A in The Income Tax Act, 1961 [Entire Act]
Cit vs Ace Builders (P) Ltd. on 7 March, 2005
While allowing such set off of long term capital loss, the Hon'ble High Court
followed its decision in CIT vs Ace Builders (P) Ltd.
Section 112 in The Income Tax Act, 1961 [Entire Act]
Section 54E in The Income Tax Act, 1961 [Entire Act]
Section 115JB in The Income Tax Act, 1961 [Entire Act]
Section 74 in The Income Tax Act, 1961 [Entire Act]
Section 2 in The Income Tax Act, 1961 [Entire Act]
M/S. Vireet Investment Pvt. Ltd., New ... vs Acit, New Delhi on 16 June, 2017
12. We have considered the submission of both the parties and have gone
through the orders of lower authorities carefully. We have also deliberated on
various case laws relied by lower authorities as well as by ld. AR of the
assessee. We find that during the year under consideration, the assessee has
shown exempt income to the extent of 2.17 crores. As recorded in earlier
parts, the assessing officer invoked the provision of Rule 8D and made
disallowance of section 14A to the extent of Rs. 49.93 crores after allowing
set off of suo moto disallowance. We find that ld. CIT(A) on considering the
submission of assessee restricted the disallowance to the extent of exempt
income. We further find lf CIT(A) also deleted the adjustment from book
profit under section 115JB. We find that order of ld. CIT(A) in deleting the
addition/ disallowance under section 14A form book profit under section
115JB is in consonance of decision of Delhi Tribunal in ACIT vs Vireet
Investment Pvt. Ltd. (supra). Therefore, we do not find any infirmity in the
order passed by ld. CIT(A) to that extent.
Commissioner Of Income Tax,Panji vs V.S.Dempo Co.Ltd. Panji on 5 September, 2016
19. We find that Hon'ble Apex Court in case of CIT vs V. S. Dempo Co. Ltd.
(2016) 74 taxmann.com 15 / 387 ITR 354 held that assessee is eligible to
claim exemption under section 54E in respect of capital gain arising on
transfer of capital asset on which depreciation has been allowed.