TaxTMI 
TaxTMI 
2011 (5) TMI 1095
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....2. In this appeal the assessee has taken following grounds of appeals:- 1. The CIT(A) has erred on facts and in law in confirming the disallowance of ₹ 6,17,364/- being amount written off in the previous year relevant to this assessment year towards amortization of lease amount paid towards land obtained from NOIDA Authorities. The expenditure is allowable revenue expenditure. 2. The appellant contends that the amount paid did not confer any ownership rights on the assessee but it allowed the use of the land for the purpose of constructing its office and therefore should be allowed as revenue expenditure, as it is in the nature of lease rent. 3. The appellant contends that in all the earlier assessment years from (1989- 90 to....
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...., as in assessment year 2005-06 & 2006-07, the issue has been decided in favour of the Department by the Hon'ble ITAT Delhi Bench, Ld CIT(A) confirmed the impugned addition. 5. Before us the above position stated by the Ld CIT(A) has not been disputed by either of the parties. We also find that this issue has been discussed at length by the Delhi Bench 'I' Delhi of ITAT in I.T.A. No.1696/Del/2009 for assessment year 2004-05 wherein the impugned issue has been decided in favour of the revenue after lengthy discussion in paras 2 to 4.2. of the order. In view of the above, we reject the ground No.1 to 3 of the assessee's appeal. 6. As regards ground No.4 & 5 taken by the assessee, the contention of the appellant is that the impugned gr....
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....e is squarely covered by the Hon'ble Tribunal's order in assessee's own case for assessment year 2006-07 except for dividend income of ₹ 2,43,75,000/- received from M/s Gujarat State Energy Generation Ltd. It has also been submitted by Ld AR for the assessee that the assessee has not borrowed any funds for investing in Gujarat State Energy Generation Ltd. It was, therefore, contended that only with reference to the dividend income received from M/s Gujarat State Energy Generation Ltd., disallowance u/s 14A of the Act could be made. As the expenditure incurred with reference to exempt income u/s 10(34) and the income deductible u/s 80P(2)(d) is only about ₹ 3,30,000/-, it was contended that the most the amount of ₹ 50,0....
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....rt in Form NO.3 CD there was no mention about the loss of inventory and pending insurance claim. The same was also not reflected in the balance sheet or other documents filed before the Assessing Officer. When the assessee was asked by the Assessing Officer to justify the above claim, it was submitted by the assessee that the loss of inventory relate to inventory of spares. The assessee also furnished detailed list of inventory loss due to flood. However, as the loss of inventory was neither reflected in the balance sheet nor the auditors had mentioned anything about the same in the audit report, the Assessing Officer disallowed the claim of the assessee. 13. On appeal, before the Ld CIT(A), it was submitted by the assessee that the loss ....