Case Law Details
ITO Vs Manoj Vashudev Wadhwa (ITAT Mumbai)
In ACIT v. Vireet Investment (P.) Ltd. 165 ITD 27 (Del) (SB) it is held by the Special Bench of the Tribunal that only those investments are to be considered for computing average value of investment which yielded exempt income during the year. We are of the considered view that the ratio laid down in the above decision is squarely applicable in the instant case.
Therefore, we set aside the order of the Ld. CIT(A) for the impugned assessment years and restore the matter to the file of the AO to make a de novo order after following the ratio laid down in Vireet Investment (P.) Ltd.(supra).
FULL TEXT OF THE ITAT JUDGEMENT
The captioned cross appeals filed by the revenue and assessee are directed against the order of the Commissioner of Income Tax (Appeals)-33, Mumbai (in short ‘CIT(A)’) are arise out of the assessment order passed u/s 143(3) of the Income Tax Act 1961, (the ‘Act’).In this batch of appeals, the controversy raised being similar, they were heard analogously and are disposed of by a common order. We begin with the assessment year (AY) 2009-10.
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