2018 (9) TMI 1624

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....erties under special economic zones and operation and maintenance of commercial properties under Special Economic Zones. The assessee was also Co-developers in the said projects, namely DLF Cyber City Developers Limited, DLF Infocity Developers (Chennai) Ltd, DLF Commercial Developers Ltd., DLF Ltd. They also derived income from leasing and maintenance of these SEZs and has obtained from the Ministry of Commerce & Industry to work as co-developer for running and maintenance of the SEZ projects. For the assessment year 2011-12 they have filed return of income on 30.09.2011at a loss of Rs. 373,72,42,238/- and revised the same on 30.03.2013 under which the loss remained unchanged but the credit of prepaid taxes was increased from Rs. 26,76,26,....

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....e assessee on borrowings minus taxable interest earned during the financial year. As a matter of fact Ld. CIT (A) also placed on reliance on the decisions of the ITAT reported in the case of Income Tax Officer, Ahmedabad Vs. Karnavati Petrochem Pvt. Ltd. (ITA No.2228/Ahd./2012 A. Y. 2008-09), and of Mumbai Tribunal in case of Morgan Stanley India Securities Pvt. Ltd. Vs. ACIT ITA No. 5072/Mum/2005 & 6774/Mum./2008 (A. Y. S. 200-02 & 2004-05) and also the decision of his predecessor in assessee's own case for A. Y. 2008- 09 and 2009-10. 6. No circumstances are brought to our notice to say as to why the decisions of the Tribunal stated above and also the decision of Hon'ble Gujarat High Court shall not be made applicable facts of the prese....

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....deduction u/s 115 JB of the Act. 9. Further, it is brought to our notice that in assessee's own case for the earlier assessment years, when the Ld. CIT(A) deleted the addition made on this ground, the revenue preferred an appeal in ITA No. 4433/Del/2013 in respect of assessment year 2010-11and this Tribunal while noticing its own order dated 24.01.2014 in ITA No.126/Del/2013 for the assessment years 2008-09 and 2009-10 vide order dated 24.01.2014 and also the orders of the Ld. CIT (A) found that the view taken by the Ld. CIT (A) was accepted by the Tribunal in those ITAs as such consistent with such view, this tribunal upheld the orders of the first appellate authority in respect of orders 2010-11 to dismiss the appeal. 10. We have go....