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1 - 9 of 9 (0.31 seconds)Section 32 in The Income Tax Act, 1961 [Entire Act]
Section 2 in The Motor Vehicles Act, 1988 [Entire Act]
Pr. Commissioner Of Income Tax - 9 vs M/S Vireet Investment Pvt. Ltd on 21 January, 2019
According, to the decision in the case of CIT Vs. Vireet Investment
(P.) Ltd. [2017] 165 ITD 27/82 taxmann.com 415 Delhi Special
Bench only those investments is liable to be considered which yielded
exempt income during the year. Accordingly, the finding of the CIT(A) is
not justifiable, hence, is hereby order to be set aside and we hold that the
investment in sum of Rs.31,92,927/- is liable to be taken into consideration
for computing the expenditure to earn the exempt income in view of the
provisions u/s 14A of the Act r. w. Rule 8D(2)(iii) of the Rules. We
restored this issue to the file of the AO for computing disallowance u/s 14A
of the Act r.w. Rule 8D of the Rules by taking into consideration of the
investment in the LIC mutual fund in sum of Rs.31,92,927/- which yielded
dividend income in the year. Accordingly, this issue is decided in favour of
the assessee against the revenue in the manner as indicated above. We order
accordingly.
C.P. Kukreja Associates Pvt. Ltd., New ... vs Acit, New Delhi on 28 August, 2017
7. Since the matter of controversy has been adjudicated in view of the
latest judgment by the Hon'ble ITAT Mumbai Bench in case of SUMAN
KUKREJA Vs. ACIT in ITA. No.1339 & 1340/M/2017, therefore, by
following the said decision, we uphold the finding of the CIT(A) and
decide this issue in favour of the revenue against the assessee. We order
accordingly.
The Motor Vehicles Act, 1988
Section 2 in The Income Tax Act, 1961 [Entire Act]
Section 295 in The Income Tax Act, 1961 [Entire Act]
The Income Tax Act, 1961
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