2019 (3) TMI 806

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....s and law have been raised in the aforesaid appeals, the same are being disposed of by way of composite order to avoid repetition of discussion. 2. The appellant, M/s. Greater Noida Industrial Development Authority (hereinafter referred to as 'the assessee'), a body corporate established in terms of section 3 of U.P. Industrial Development Act, 1976 and also registered u/s 12 A of the Income-tax Act, 1961 (for short 'the Act') by filing the aforesaid appeals, sought to set aside the composite order dated 30.07.2018 passed by Ld. CIT (Appeals)-I, Noida qua the Assessment Years 2013-14, 2014-15 & 2015-16 on the identical grounds except for amount of additions. For the sake of brevity, grounds of appeal raised in AY 2013-14 are inter alia t....

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....eciate the fact that the Ld. AO erred in holding that registration u/ s 12AA is not applicable for the A.Y. 2013-14 and disallowing the exemption u/ s 11 and 12 to the Appellant. 7. Because the Ld. CIT(A), while passing the Impugned Order, failed to appreciate the fact that the Ld. AO erred in invoking S. 13(8) r/w S. 2(15) of the Income Tax Act, 1961 by treating the activities of Appellant as commercial activities without considering the constitution of the Appellant. 8. Because the Ld. CIT(A), while passing the Impugned Order, failed to appreciate the fact that the Ld. AO erred in invoking the provisions of Proviso to S. 2(15) of the Income Tax Act, 1961 in contravention of judgement by Hon'ble Allahabad High Court i....

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....aid to Udyog Bandhu by the Appellant. 15. Because the Ld. CIT(A), while passing the Impugned Order, failed to appreciate the fact that the Ld. AO erred in making disallowance of interest paid by Appellant amounting to Rs. 3,75,49,720/- 16. Because the Ld. CIT(A), while passing the Impugned Order, failed to appreciate the fact that the Ld. AO erred in disallowing depreciation claimed by Appellant amounting to Rs. 2,02,511/ - in respect of Electrical Fittings." 3. Briefly stated the facts necessary for adjudication of the controversy at hand are : The assessee, a body corporate, established in terms of section 3 of U.P. Industrial Development Act, 1976 and also registered under section 12A of the Act. Initially, the AO re....

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....75,49,720/- & Rs. 3,75,49,720/- for AYs 2013-14, 2014-15 & 2015-16 respectively on account of proportionate disallowance of interest paid to loans and advances and AO also disallowed an amount of Rs. 2,02,511/- & Rs. 2,26,986/- for AYs 2013-14 & 2014-15 respectively claimed as depreciation of electrical fittings and thereby assessed the total income of the assessee at Rs. 455,99,42,800/-, Rs. 506,00,08,550/- & Rs. 210,00,96,720/- for AYs 2013-14, 2014-15 & 2015-16 respectively. 5. Assessee carried the matter before the ld. CIT (A) by way of appeals who has dismissed all the appeals being not maintainable for want of payment of necessary court fees in the absence of the assessee. Feeling aggrieved, the assessee has come up before the Trib....