TMI Blog2019 (3) TMI 805X X X X Extracts X X X X X X X X Extracts X X X X ..... on of the Ld. CIT(A) on the issue in dispute and reject the grounds raised by the Revenue. - I.T.A. No. 1092/DEL/2016 - - - Dated:- 13-3-2019 - Shri H.S. Sidhu, Judicial Member And Shri L.P. Sahu, Accountant Member For the Assessee : S h . Karan Kumra, CA For the Revenue : Mr. Amit Katoch, Sr. DR. ORDER PER H.S. SIDHU : JM The Revenue has filed this Appeal against the impugned Order dated 23.12.2015 of the Ld. CIT(A)-23, New Delhi relevant to assessment year 2011-12. 2. The grounds raised in the appeal read as under:- On the facts and in the circumstances of the case the Ld. CIT(A) has erred in:- 1. The order of the ld. CIT(A) is not correct in law and facts. 2. On the facts and circumstances of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ings u/s. 271(1) of the Act were initiated in respect of above addition made by the AO by issue of notice u/s. 274 read with section 271(1) of the Act dated 14.2.2014 and penalty of ₹ 52,32,068/- u/s. 271(1) of the Act was imposed for concealment of particulars of income / furnishing of inaccurate particulars of income vide order dated 20.8.2014 by considering the tax on returned income of the assessee to be NIL and thus considered the tax on entire assessed income of ₹ 52,32,068/- as the penalty u/s. 271(1) of the Act. Aggrieved by the penalty order, the assessee appealed before the Ld. CIT(A), who vide his impugned order dated 23.12.2015 has deleted the penalty in dispute by holding that mere change in the head of income i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... held that the receipts from services rendered to the tenants in respect of the leased properties is assessable under the head income from house property alongwith the rental income and that even if there was no business income the expenses for running of the office/establishment was allowable as business expense, and sustained the disallowance of depreciation on the let out properties, and computed the income of the appellant accordingly. Following this order of the Ld. CIT(A), the AO assessed the rental income including the income from services rendered in respect of the leased properties as income from house property and allowed deduction @30% u/s 24(a) of the Act and also allowed the business expenses though there was no business in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rties (P) Ltd 377 ITR 417 (T AP). In CIT vs. Reliance Petro Products (P) Ltd. (supra) and M/s Hindustan Steel Ltd. vs State of Orissa (1972) 83 ITR 26(SC) and the decision of Hon ble ITAT Mumbai in M/s. Vidhya Synthetic (I) Pvt. Ltd. v/s Dy. Commissioner of Income Tax ITA no. 3647/Mum./2011-Assessment Year: 2001-02 and that of the Hon ble ITAT Delhi B Bench Dy. Commissioner of income Tax, vs Crew Bos Products Pvt. Ltd., as well as in the decisions the Hon ble High Court of Delhi in Escorts Finance Ltd. (2009) 226 CTR (Del) 105 and the Honorable ITAT(Delhi) in Espire Infolabs Private Limited vs. ITO ITA No. 4190-4191/Del/2013, Nalwa Investment Limited I.T.A. No.3805/D/2010, ACIT vs. Jindal Equipment Leasing and Consultancy Services Ltd. 201 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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