2015 (11) TMI 627

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....e Income-tax Act, 1961. 2. In this appeal, the grievances of the assessee against the action of the Commissioner of Income-tax (Appeals) are- (i) in confirming the disallowance made on account of business promotion, club expenses, sub-lease expenses and depreciation as per the Income-tax Act amounting to Rs. 58,89,825 ; and (ii) in confirming the disallowance made on account of repair and maintenance expenses, security service charges and administrative expenses amounting to Rs. 29,86,443. 3. Rival contentions have been heard and record perused. Facts in brief are that the assessee claimed certain expenses relating to earning of rental income as other business expenses. As per the Assessing Officer income of the assessee was ass....

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....andard deduction under section 24, the assessee had claimed business expenses. Thereafter in the assessment framed under section 143(3) read with section 147, the Assessing Officer assessed income under the head of "Income from house property" and declined the assessee's claim of various expenses. From the record we found that the company was incorporated on October 13, 2000 with the object of dealing in house property including letting out to sophisticated customers like foreigners consultants and expatriates, etc., the properties dealt with the company were previously in possession of Union of India since 1942 for over 58 years. Hence, at the time of taking possession by the assessee-company these properties were in a terrible dilapid....