9911796707
TMI Blog2019 (7) TMI 1565X X X X Extracts X X X X X X X X Extracts X X X X ..... The appellant prays that the conclusion reached by the Learned Commr. of Income Tax (Appeals) that the sum of Rs. 72,73,294/- is chargeable to tax under the head Income from other sources. 2. On the facts & circumstances of the case the appellant prays that the addition made by the Learned Assessing Officer and confirmed by the Learned Commissioner of Income Tax (Appeals) amounting to Rs. 72,73,294/- under the head Income from other sources may be deleted. 3. On the facts & circumstances of the case the appellant prays that the sum of Rs. 72,73,294/- may be treated as income earned from business and profession and may be reduced from the total value of the capital work in progress and the said amount is not chargeable to tax under the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ances of the case the appellant denies the liability for payment of interest u/s. 234D and prays that the interest levied by the Learned Assessing Officer may be deleted. 2. Brief facts of the case are that the assessee is a company engaged in the business of construction of road on Built Operate and Tax (BOT), filed its return of income for Assessment Year 2012-13 on 24.09.2012 declaring Nil income. The return of income was selected for scrutiny. The assessee entered into a concession agreement on 16.07.2010 with National Highway Authority of India (NHAI) for rehabilitation, strengthening and four laning of Jorabat Shillong section of HN-40 in the state of Assam and Meghalaya on BOT basis. During the assessment, the Assessing Officer not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Power Consortium Ltd. vs. ITO and Hon'ble Supreme Court in CIT vs. Bokaro Steel Ltd. The contention of assessee was not accepted by Assessing Officer. The Assessing Officer concluded that interest earned by assessee was taxable under the head "Income from Other Sources". On appeal before the ld. CIT(A), the action of Assessing Officer was confirmed. Before the ld. CIT(A), the assessee raised the additional ground of appeal for allowing expenditure of Rs. 10,10,740/- on account of Administrative & General Expenses. The ld. CIT(A) after admitting the additional ground of appeal allowed part relief to the assessee allowing Director's fees of Rs. 1,45,000/-, Audit Fees of Rs. 1,10,300/- and Tax Audit Fees of Rs. 82,725/- and remaining balance a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o. 628/JP/2014 dated 11.08.2016, Hon'ble Delhi High Court in Indian Oil Panipat Power Consortium vs. ITO (355 ITR 255(Del.), CIT vs. Facor Power Ltd. [2016] taxman.com 178 (Del.). Therefore, considering the decision of Tribunal in assessee's own case for Assessment Year 2011-12 and respectfully following the same, Ground No.1 to 3 of appeal are allowed. 6. Ground No. 4 & 5 are raised in alternative to Ground No.1 to 3, which we have already allowed. Therefore, the discussions on these grounds of appeal have become academic. 7. Ground No.6 is raised in alternative to Ground No. 1 to 5, as we have already allowed Ground No. 1 to 3, therefore, discussion on this ground of appeal are also become academic. 8. Ground No.7 & 8 relates to ded ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rties and perused the material available on record. We have noted that in the statement of fact filed before the ld. CIT(A), the assessee stated that they had incurred the expenditure under the head other expenses of Rs. 10,10,740/-. The said expenditure was debited in the Profit & Loss Account and not treated as a part of capital work-in-progress while filing the return of income. The assessee had disallowed the same while computing the income under the head Income from Business & Profession. The assessee before the ld. CIT(A) raised fresh claim by way of additional ground for claiming expenditure of Rs. 10,10,740/- is allowable deduction under section 37 on the ground that the assessee has erroneously disallowed the same in computation of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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