TMI Blog2020 (1) TMI 451X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. - IT(TP)A No.1192(Bang)/2017 (Assessment year : 2010-11) - - - Dated:- 13-12-2019 - SHRI A.K. GARODIA, ACCOUNTANT MEMBER AND SMT.BEENA PILLAI, JUDICAL MEMBER Appellant by: Shri S. Anantha, CA Revenue by: Ms. Neera Malhotra, CIT-DR O ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Clause (f) of Explanation 1 to Sec 115JB of the Act. 5. The Learned CIT has erred in invoking the proceedings under section 263 of the Act, having regard to the fact that the Order passed by the Learned AO was made after making due inquires and verification of investment activity of the Appellant (yielding tax free income) and expenses incurred thereof. 6. The Appellant craves leave to add to, amend or alter the ground herein. 7. For these and other grounds that may be urged at the time of hearing, the appellant prays for appropriate relief. 2. Brief facts of the case are as under: Assessee filed its return of income declaring total income of ₹ 8,10 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pon receipt of the order under section 263 passed by Ld.CIT, Ld.AO while passing order giving effect modified addition by adding 14 A disallowance to book profit under section 115 JB of the Act. Ld.AR at the outset, submitted that issue now stands fully settled by decision of Delhi Special Bench in case of ACIT vs Vireet Investments Pvt. Ltd., reported in (2017) 82 Taxmann.com 415. He submitted that at the time of order passed by Ld.CIT under section 263, assessee did not have benefit of this decision, wherein Hon ble Special Bench, held that, computation under clause (f) of Explanation 1 to section 115 JB (2) is to be made without resorting to the computation as contemplated under section 14A r ..... X X X X Extracts X X X X X X X X Extracts X X X X
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