TMI Blog2007 (3) TMI 772X X X X Extracts X X X X X X X X Extracts X X X X ..... 06 37/2006 filed by the revenue are being disposed of since common question of law is involved. 2. Both these appeals arise out of decision dated 20-5-2005 passed by Income-tax Appellate Tribunal (hereinafter referred as Tribunal ) for the assessment year 1997-98 in ITA No. 1499/Delhi/2001 and for the assessment year 1999-2000 in ITA No. 1500/Delhi/2001. 3. The revenue has raised follow ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arding question (b), it was listed for hearing. 6. The brief facts of both these cases are that five companies were incorporated on 28-4-1992 known as Malibu Group of Companies. These companies wanted to develop a township in Gurgaon. However, as per Haryana Urban Area Act, the area for which license can be granted to a developer or builder is 100 acres and under the Land Ceiling Act in Haryana ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to be non-est. The assessment was completed by the Assessing Officer in assessment year 1996-97 on protective basis at ₹ 1,01,03,080 after making additions. Similarly, in the present year also the Assessing Officer completed the assessment on protective basis at ₹ 1,63,18,318. 8. Assessee filed an appeal before the Commissioner of Income-tax (Appeals) against the assessment order an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he present appeals. 11. It has been argued by learned counsel for the revenue that the Tribunal wrongly allowed credit for the TDS deducted from interest on fixed deposits in the case of assessee despite the fact that the same were issued in the name of MEPL and income was assessable in the hands of MEPL. 12. The Commissioner of Income-tax (Appeals) in its order dated 31-1-2001 held :- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessable in the hands of the assessee, i.e., Malibu Estate Joint Venture and it is a settled position that credit for TDS is to be given in the case of the assessee and that too in the year in which the corresponding income is taxed. 14. It may be pointed out that similar relief was allowed by Commissioner of Income-tax (Appeals) in the assessee s case for the assessment year 1996-97 and the r ..... X X X X Extracts X X X X X X X X Extracts X X X X
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