2015 (10) TMI 1481

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....e proceeding with the matter, we want to set out the relevant facts under which this appeal has again come up before the Tribunal for consideration and decision. The Tribunal vide its original order dated March 28, 2013 accepted the assessee's contention that the Assessing Officer did not record proper satisfaction in the assessment order before initiating penalty proceedings under section 271(1)(c) of the Act. Resultantly, the penalty was deleted. The Revenue approached the hon'ble Delhi High Court. Vide its judgment dated March 11, 2014, the hon'ble Delhi High Court vacated the view of the Tribunal in deleting the penalty on the basis of lack of proper satisfaction. Accordingly, the matter has been remanded for deciding penalt....

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....e, it is relevant to mention that the assessee challenged the additions made by the Assessing Officer in the quantum proceedings. The Tribunal, vide its order dated March 28, 2013 disposed of the assessee's quantum appeal. A copy of such order is available on record. It can be seen from the order passed by the Tribunal in quantum proceedings that the assessee's contention for assessing rental income under the head "Profits and gains of business or profession" has been rejected and, resultantly, claim for depreciation amounting to Rs. 1,83,951, building maintenance expenses of Rs. 22,15,072 and commission paid for letting out building at Rs. 5,39,000 has been rejected. The assessee's further claim for deduction of Rs. 10 lakhs fo....