DCIT, Chandigarh V. M/s Ind Swift Ltd., Chandigarh

MA 58/CHANDI/2018

• Counselvise Citation: [2018] 119 COUNSELVISE.COM (IT) 1763 (ITAT-CHANDIGARH)
• Duration Of Justice: 9 month(s) 23 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 16-11-2018
• Appeal Filed By: Department
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2008-2009
• Appeal Filed On: 23-01-2018
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: CHANDRA KANTA
• Section: 14A; 115JB

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DIVISION BENCH A, CHANDIGARH BEFORE SMT. DIVA SINGH, JUDICIAL MEMBER AND DR. B.R.R. KUMAR, ACCOUNTANT MEMBER M.A. NOS. 57 & 58/CHD/2018 (IN ITA NOS. 531 & 631/CHD/2014) (ASSESSMENT YEAR: 2008-09) THE DCIT-II VS. M/S IND SWIFT LTD. CHANDIGARH PLOT NO. 781, INDUSTRIAL AREA PHASE II, CHANDIGARH PAN: AAAC16100L (APPELLANT) (RESPONDENT) ASSESSEE BY : SHRI. T.N. SINGLA DEPARTMENT BY : SMT. CHANDRAKANTA DATE OF HEARING : 05/10/2018 DATE OF PRONOUNCEMENT : 16/11/2018 O R D E R PER DR.B.R.R.KUMAR, A.M . THE REVENUE HAS COME UP WITH THE M.A. ON THE LIMITE D ISSUE OF ADDITION OF DISALLOWANCE MADE UNDER SECTION 14A WH ILE COMPUTING THE BOOK PROFITS UNDER SECTION 115JB. 2. IN THIS CONTEXT IT IS HEREBY CLARIFIED / ADJUDIC ATED THAT BASED ON THE JUDGMENT OF HONBLE DELHI HIGH COURT IN THE CASE O F PCIT VS. BHUSHAN STEELS IN ITA NO. 593 / 2015, THE DECISION OF SPECIAL BENC H OF ITAT IN THE CASE OF ACIT VS. VIREET INVESTMENTS PVT. LTD. IN ITA NO. 502/DEL/201 2 AND JUDGMENT OF HONBLE BOMBAY HIGH COURT IN CASE OF CIT VS. BENGAL FINANCE & INVESTMENTS PVT. LTD IN ITA NO. NO. 337 OF 2013 IT IS HEREBY HELD THAT AN A MOUNT DISALLOWED UNDER SECTION 14A OF THE ACT CANNOT BE ADDED TO ARRIVE AT BOOK PROFIT FOR PURPOSES OF SECTION 115JB OF THE ACT. 3. AS A RESULT, BOTH THE ABOVE MISC. APPLICATIONS A RE ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT. SD/- SD/- (DIVA SINGH) (DR. B.R.R. KUMA R) JUDICIAL MEMBER ACCOUNTANT MEMBER DATED : 16/11/2018 AG COPY TO: 1.THE APPELLANT, 2. THE RESPONDENT, 3. THE CIT(A), 4. THE CIT, 5. THE DR