2022 (7) TMI 901

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....th Mr. Tushar Gupta and Mr. Utkarsh Tiwari, Advocates. Respondent: Mr. Gaurav Jain with Ms. Akshita Goyal and Mr. Shubham Gupta, Advocates. JUDGMENT MANMOHAN, J (Oral): 1. Present appeal has been filed challenging the order dated 16th February, 2021 passed by the ITAT in ITA No. 918/DEL/2010. 2. Learned counsel for the Appellant states that the Tribunal erred in holding that the pay....

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....el is located along with all the furniture and fixtures which are the part of the hotel. 4. A perusal of the paper book reveals that the petitioner is the owner of a hotel known as 'Hotel Sea Rock' in Mumbai which was initially being managed by ITC Ltd. under the Hotel Operator Agreement effective from 1986. In 1993 the hotel was severely damaged as a result of bomb blast during the riots in Mu....

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.... 7. In the opinion of this Court, there has been no addition of capital asset of enduring nature in the hands of the respondent-assessee. In fact, after payment of Rs.30.86 crores there has been no change in the capital structure of the respondent-assessee. 8. It had paid Rs.30.86 crores to get back the possession of its own asset which had been given on license basis under the Hotel Operator ....