TMI Blog2020 (8) TMI 678X X X X Extracts X X X X X X X X Extracts X X X X ..... decision of the Hon ble Supreme Court in the case of Maxopp Investment Ltd. [ 2018 (3) TMI 805 - SUPREME COURT] ? - HELD THAT:- Substantial questions of law framed for consideration with regard to the decision of the Hon ble Supreme Court in the case of Maxopp Investment Ltd. Vs. CIT [ 2018 (3) TMI 805 - SUPREME COURT] we have to necessarily hold that such questions cannot be canvassed, as the decision rendered by the Hon ble Supreme Court would cover those questions A decision has to be arrived at as regards the applicability of the decision of the Special Bench of the Delhi Tribunal in the case of Vireet Investment Pvt. Ltd., post the decision of the Hon ble Supreme Court in the case of Maxopp Investment Ltd. In fact, in the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sider the effect of the decision of the Special Bench of the Delhi Tribunal in the case of Vireet Investment Pvt. Ltd., post the decision of the Hon ble Supreme Court in the case of Maxopp Investment Ltd. - TAX CASE APPEAL NO.780 OF 2018 - - - Dated:- 4-8-2020 - HONOURABLE MR. JUSTICE T.S. SIVAGNANAM AND HONOURABLE MRS. JUSTICE V. BHAVANI SUBBAROYAN For Appellant : Mr. G. Baskar For Respondent : Mr. Karthik Ranganathan, SC Judgment was delivered by T.S. SIVAGNANAM,J We have heard Mr. G. Baskar, learned counsel appearing for the appellant - assessee and Mr. Karthik Ranganathan, learned Standing Counsel appearing for the respondent Revenue. 2. This appeal by the assessee under Section 260A of the Income Tax Act, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... value of investment for disallowing u/s. 14A? 4. In so far as the first and the second substantial questions of law framed for consideration with regard to the decision of the Hon ble Supreme Court in the case of Maxopp Investment Ltd. Vs. CIT [reported in (2018) 402 ITR 640], we have to necessarily hold that such questions cannot be canvassed, as the decision rendered by the Hon ble Supreme Court would cover those questions. Therefore, substantial question of law Nos.1 and 2 need to be held against the assessee. 5. However, what is emphasized before us by Mr.G.Baskar, learned counsel appearing for the appellant assessee is that the assessee s cross objection and the grounds raised therein were not taken into consideration b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Maxopp Investment Ltd., which was rendered on 12.2.2018. 8. The learned Standing Counsel for the Revenue has referred to paragraph 40 of the decision in the case of Maxopp Investment Ltd., and submits that the said decision squarely answers the contentions advanced by the assessee in the cross objection filed before the Tribunal. 9. Per contra, Mr.G.Baskar, learned counsel appearing for the appellant assessee would rely upon the decision of the Tribunal in the assessee s own case for the assessment year 2014-15 in ITA.No. 1483/Chny/2019 dated 29.11.2019 wherein the Tribunal remanded the matter to the Assessing Officer and directed to re-examine the matter, find out, on the basis of the materials filed by the assessee, the investmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... decision and allowed the appeal filed by the Revenue. 13. After elaborately hearing the learned counsel on either side, we are of the considered view that a decision has to be arrived at as regards the applicability of the decision of the Special Bench of the Delhi Tribunal in the case of Vireet Investment Pvt. Ltd., post the decision of the Hon ble Supreme Court in the case of Maxopp Investment Ltd. In fact, in the assessee s own case for the assessment year 2014-15 where the Tribunal remanded the matter to the Assessing Officer, the Tribunal took note of the decision of the Special Bench of the Delhi Tribunal in the case of Vireet Investment Pvt. Ltd., and passed such a remand order. We find that the effect of the remand order passed b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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