TMI Blog2014 (11) TMI 17X X X X Extracts X X X X X X X X Extracts X X X X ..... s Ganj community centre and not on the development of residential flats at the Andrews Ganj project - The letter has been kept on record - assessee had never received 1.5% administrative expenses in respect of the residential quarters in Andrews Ganj project - the stand of the assessee that the notes of the meeting held on 7th September, 1995 related to the development of community centre complex at Andrews Ganj, New Delhi and not to residential quarters is correct - There was no accrual of income in case the Government of India had not agreed to pay any overhead expenses or administrative charges @ 1.5% in respect of residential quarters at Andrews Ganj Complex, New Delhi – thus, the addition is to be set aside – Decided in favour of asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee was entitled to overhead charges of 1.5% not only in respect of cost of construction of the community centre but also on the cost of construction of the residential flats. This, as noticed, resulted in the addition of ₹ 35,57,615/-. The assessment order further records that in the books of accounts this amount had been reversed. 4. The Commissioner of Income Tax (Appeals) affirmed the finding that as per minutes of meeting held on 7th September, 1995 with Ministry of Urban Development, overhead administrative expenses were payable not only in respect of the community centre but in respect of residential quarters also. 5. The Income Tax Appellate Tribunal (Tribunal, for short) by the impugned order dated 20th December, 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s Ganj, New Delhi and not to residential quarters which was not the subject matter of the said meeting and the recorded memorandum. 7. Having read the said record of minutes of meeting, we felt that there was merit in the submission made as the recorded minutes specifically refer to the position with reference to development of community centre complex at Andrews Ganj, New Delhi and not to the residential quarters under construction at Andrews Ganj. 8. In light of the aforesaid submissions and noting the minutes of the meeting, while issuing notice on 11th July, 2014, we had asked the counsel for the Revenue to verify the factual position and inform the Court whether the assessee had at any time received administrative expenses @ 1.5% ..... X X X X Extracts X X X X X X X X Extracts X X X X
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