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COMMISSIONER OF INCOME TAX-IV Versus M/s. IK. INTERNATIONAL PVT. LTD. - 2012 (4) TMI 347 - DELHI HIGH COURT - Income Tax

......... perty. Apart from the fact that this line of reasoning appears to us, with respect, to be somewhat convoluted, it also does not appear to take note of considerations that drive people to purchase landed property. What attracts them, as is common knowledge, is the land which appreciates phenomenally, depending upon the location and not the building which is on the land. The fact that the assessee incurred substantial expenditure on additions to the building could well have been because of the compulsions of its business and not because it considered the land to be of considerably low worth compared to the worth of the building. We are unable to appreciate or accept the line of argument adopted by the Assessing Officer as well as the learned Sr. Standing Counsel. 19. In view of the above discussion, we answer both the substantial questions of law in the affirmative and in favour of the assessee. The appeal filed by the Revenue is accordingly dismissed with no order as to costs.



 

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