2014 (11) TMI 17

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....enses of 1.5% had accrued in respect of residential quarters at Andrews Ganj and were taxable as income?" 2. With the consent of the parties and as a short issue arises for consideration, we have taken up the appeal for hearing and the same is disposed of by this judgment. 3. The appellant-assessee is a company and a Public Sector Undertaking. For the Assessment Year 2002-03, return of income of the assessee declaring total income of Rs. 111,25,85,609/- filed on 23rd January, 2003 was taken up for scrutiny assessment. In the assessment order dated 19th March, 2004 several additions including addition of Rs. 35,57,615/- on account of 1.5% overhead and administrative charges relating to Andrews Ganj project were made. The assessee had u....

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....oject would include cost of the entire project including general pool accommodation. In view of the above, we do not find any justification to interfere with the orders of lower authorities in this regard. Accordingly, ground No.1 of the assessee's appeal is rejected." 6. Along with the grounds of appeal, the appellant before us has filed copy of minutes of the meeting held on 7th September, 1995 and after making reference to the same has pointed out that the said minutes have been misread and misunderstood by the Assessing Officer and the appellate authorities, including the Tribunal. The said minutes specifically make reference to the community centre complex at Andrews Ganj, New Delhi as is clear from the very first paragraph. The....