TMI Blog2015 (2) TMI 1306X X X X Extracts X X X X X X X X Extracts X X X X ..... the same as income - CIT differed from that view and directed the deletion of the amount from the assessment also confirmed by ITAT - HELD THAT:- ITAT upheld the order of the CIT (Appeals). In doing so, the ITAT followed the decision of this Court in Indian Oil Panipat Power Consortium Limited v. Income Tax Officer [ 2009 (2) TMI 32 - DELHI HIGH COURT] and the later decision of this Court in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and a sum of ₹ 6 lakhs, on account of forfeiture of earnest money, had to be treated as income. The relevant facts are that the assessee? which was incorporated on 23.05.2003, was engaged in construction of power plant at Vallur, near Chennai and had raised capital to the tune of ₹ 380,00,00,000/- as on 31.03.2008. During the relevant period in AY 2008-09, it had temporarily ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d v. Income Tax Officer 2009 (315) ITR 255 and the later decision of this Court in the case of NTPC Sail Power Company Private Limited v. CIT (ITA 1238/2011, decided on 17.07.2012). Having considered the submissions, this Court is of the opinion that there is no infirmity in the order of the ITAT. No substantial question of law arises. The appeal is accordingly dismissed. - - Tax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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