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TMI Blog2017 (9) TMI 1882X X X X Extracts X X X X X X X X Extracts X X X X ..... computation of income. 3. The Learned Counsel for the assessee before us contends that only those investments which yielded dividend income during the year should be considered for computing the disallowance Rule 8D2(iii) r.w.s 14A and this contention is supported by the recent Hon'ble Special Bench decision of Delhi Bench in the case of ACIT v. Vireet Investments Private Limited [82 Taxman.com 415]. 4. Ld. DR supported the orders of the authorities below. 5. Heard rival contentions, we find similar issue has come up in assessee's own case for the Assessment Year 2009-10 and 2010-11 in ITA.No 5693 & 5928/Mum/2012 and ITA.No.5537 & 5764/Mum/2013 respectively, and the Hon'ble Tribunal by order dated 31.08.2017 following the Special ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that only dividend yielded investments should be considered for computing the disallowance. 19. The Ld.CIT(A) following the decision of the Special Bench in the chase of Cheminvest Limited [121 ITD 318] affirmed the order of the Assessing Officer. The decision relied on by the Ld.CIT(A) has been reversed by the Delhi High Court in the case of Cheminvest Limited Vs. CIT [378 ITR 33 Delhi]. Recently the Special Bench of the Delhi Tribunal in the case of ACIT v. Vireet Investments Private Limited(supra) held that only those investments are to be considered for computing average value of investments which yielded exempt income during the year while computing the disallowance Rule 8D(2)(iii). Therefore, respectfully following the said decision ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... computation as contemplated u/s 14A r.w. Rule 8D of I.T. Rules. Thus respectfully following the said decision we direct the Assessing Officer to compute the book profits u/s 115JB of the Act in accordance with the directions of the Special Bench (supra). This common ground of appeal is allowed for statistical purpose." 9. Thus, respectfully following the said decision we direct the Assessing Officer to compute the book profits in accordance with directions of the Hon'ble Special Bench in the case of ACIT v. Vireet Investments Private Limited (supra). 10. Coming to the Revenue's appeal, the only grievance of the Revenue is that Ld. CIT(A) erred in directing the Assessing Officer to adopt the disallowance at Rs..35,00,000/- under 115JB ..... X X X X Extracts X X X X X X X X Extracts X X X X
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