2023 (8) TMI 334

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....er dated 23.03.2016 passed u/s 143(3) of the Income Tax Act, 1961 (hereinafter referred as 'the Act') by the DCIT, Circle-12(1), New Delhi (hereinafter referred as the Ld. AO). 2. The brief facts of the case are that the assessee company was allotted land by Noida Authority on 90 years lease of the development of amusement park. The permissible use is on area of 85% under 'theme amusement and entertainment park' and area of 15% under commercial facilities supportive of park. The assessee claimed that during the year under review it derives its income from development of real estate purpose of amusement park, signage, kiosks and promotional services, maintenance and parking charges at tenancy of licensed area. The claim of assessee is that ....

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....ng the taxability leased rental under the head income from house property in the preceding assessments u/s 143(3) of the Act and also assessment u/s 153A r.w.s 143(3) for various assessment years. The Ld. AR also placed copy of the assessment orders on record. 5.8 In view of the aforesaid finding, I intend to agree with the submission of the Ld. AR that the ratio of the decision of Hon'ble Supreme Court in the case of Raj Dadarkar & Associates Vs. ACIT (supra) and ITAT decision in the case of Select Infrastructure Pvt. Ltd are applicable to the facts of the case. The issue involved in the case under consideration has been elaborately dealt by Hon'ble Supreme Court and held that where assessee has obtained a property on lease, cons....

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....to carry out business of amusement and entertainment parks and promote, acquire, purchase. develop and sell of properties. 6. On the facts and circumstances of the case, The Ld. CIT (A) has erred in appreciating the facts that the main operational revenue of the assessee was coming from the letting out the commercial complex and maintenance charges and parking charges from commercial complex out of the total revenue earned i. e. service charge. 7. The appellant craves for leave to add, amend any/all the ground of appeal before or during the course of hearing of the appeal." 4. Heard and perused the record. 5. Ld. DR has primarily submitted that there is no error in the findings of Ld. AO and he has duly appreciated the nature of busin....