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2020 (1) TMI 451 - ITAT BANGALORERevision u/s 263 - Disallowance u/s 14A - HELD THAT:- Decision of Delhi Special Bench in case of ACIT vs Vireet Investments Pvt. Ltd. [2017 (6) TMI 1124 - ITAT DELHI] was passed on 16/06/17, whereas impugned order under 263 by CIT has been passed on 30/03/2017. On date, when order under 263 was passed by Ld. CIT, Delhi Special Bench in case of ACIT vs Vireet Investments Pvt. Ltd. (supra) was not available to the benefit of assessee. In the present scenario as decision is available, we cannot uphold order impugned as considering 14A disallowance while computing book profit is contrary to view adopted by Delhi Special Bench in case of ACIT vs Vireet Investments Pvt. Ltd. (supra). We place reliance upon decision of Hon’ble Supreme Court in case of CIT vs.Vegetable Products Ltd. [1973 (1) TMI 1 - SUPREME COURT] wherein, it has been held that decision favourable to assessee should be followed. We therefore, hold order passed by Ld.CIT to be bad in law and the same is quashed and set aside. - Decided in favour of assessee.
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