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2019 (1) TMI 1614 - HC - Income TaxDisallowance under Section 14A - HELD THAT:- Court notices that the exempted income in this case is ₹ 3.17 lakhs. AO had disallowed ₹ 59 crores which was reduced to ₹ 8 crores by the CIT(A). Following the decision of this court in Commission of Income Tax vs. Joint Investment [2015 (3) TMI 155 - DELHI HIGH COURT] the ITAT restricted the disallowance to the income earned i.e. ₹ 3.17 lakhs. So, there is no infirmity in this approach. No question of law arises. Payment of brokerage expenses - allowable expenditure u/s 37- HELD THAT:- In DLF Universal Limited [2019 (1) TMI 1536 - DELHI HIGH COURT] this Court after framing questions with respect to allowance under brokerage and commission claimed by the assessee in the context of percentage completion method adopted by it held brokerage and commission is not a direct expenses for acquiring to a specific property but it is in fact financial cost/selling expenses and is fully allowable in the year in which the same is incurred. The property brokers who have rendered their services to obtain advances on booking of properties are entitled to the payment of commission in terms of agreement entered into with them. Therefore, the expenses incurred on brokerage and commission on booking of properties being a finance/selling expenses are allowable in full. Membership receipt towards club membership - HELD THAT:- Issue covered by another decision of this court in Commissioner of Income Tax vs. DLF Commercial Developers Ltd., [2012 (3) TMI 617 - DELHI HIGH COURT] It was held that the treatment in the concerned year of receipt is in accordance with the principles of accountancy. No question of law therefore arises.
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