2022 (3) TMI 529

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....T(A) was justified in deleting the disallowance of depreciation of Rs. 9,97,11,787/- holding that building Block C was put to use without appreciating the findings of the AO that building Block C was not completed for lease out as flooring margin, duct of ACs and other amenities were not finished and thus, the building was not put to use? 2. Whether on the facts and circumstances of the case and in law, the Ld.CIT(A) was justified in deleting the disallowance of interest expenses of Rs. 20,05,29,277/- without appreciating that the building Block C was not completed for lease out and business operations has not commenced for the year? 3. Whether on the facts and circumstances of the case and in law, the Ld.ClT(A) was justif....

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....The ld.Counsel for the assessee referred to the copy of the assessment order dated 27/02/2016 for assessment year 2013-14 at pages 166 to 168 of the Paper Book. The assessee in original return of income filed on 30/09/2014 had declared loss of Rs. 47,83,14,775/-. The assessee revised its return of income for the impugned assessment year i.e. 2014-15 in accordance with the assessment order for assessment year 2013- 14. In revised return filed on 31/03/2016 the loss was reduced to Rs. 23,62,63,740/-. 3.1 During the course of assessment proceedings the assessee had explained reasons as to why Block-C could not be leased out during the relevant period. It was on account of low demand for rental premises that there were no takers. The assesse....

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....r Export Ltd., 296 ITR 419(P&H) (ii) DCIT v. Agile Electric Sub Assembly (P) Ltd. 188 ITD 870(Chennai)(Trib) 3.3 In respect of interest expenses, the ld.Counsel for the assessee pointed that the assessee has only claimed interest expenditure in respect of Block-C. The interest expense was allowed to the assessee in assessment year 2013-14 in assessment made under section. 143(3) of the Income Tax Act, 1961[ in short 'the Act']. 3.4 The ld.Counsel for the assessee submitted that similar is the situation for administrative expenses. The assessee has claimed administrative expenses attributable to Block-C only. The administrative expenses pertaining to Block - C were allowed by the Assessing Officer in assessment year 2013-14. T....