2007 (3) TMI 772

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....No. 1499/Delhi/2001 and for the assessment year 1999-2000 in ITA No. 1500/Delhi/2001. 3. The revenue has raised following questions of law in ITA No. 37/2006: "(a) Whether ITAT was correct in law in holding that the income from the project known as 'Malibu Town' is assessable in the hands of Malibu Estate (Joint Venture) as an AOP on substantive basis and not in the hands of Malibu Estate Pvt. Ltd.? (b) Whether ITAT was correct in law in directing to give credit of TDS to the assessee though the certificates were issued in the name of Malibu Estate Pvt. Ltd. and the income from the project was assessable in the hands of Malibu Estate Pvt. Ltd.?" 4. Vide order dated 2-8-2006, this Court held that insofar as question (a) is concer....

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....ter making additions. Similarly, in the present year also the Assessing Officer completed the assessment on protective basis at Rs. 1,63,18,318. 8. Assessee filed an appeal before the Commissioner of Income-tax (Appeals) against the assessment order and the Commissioner of Income-tax (Appeals) relying on his own order in the case of MEPL held that the income of real estate development project known as Malibu Town was to be included in the total income of the assessee on substantive basis and not on a protective basis as had been done by the Assessing Officer. He further directed the Assessing Officer to allow credit for tax deducted at source from interest on fixed deposits as per certificates filed. 9. Against this order, the revenue....