TaxTMI 
TaxTMI 
2024 (8) TMI 861
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.... "1. That on facts and circumstances of the case and in law, the Commissioner of Income tax (Appeals)-1, New Delhi [briefly "the CIT(A)"] did not appreciate the ratio of Chennai Properties & Investments Ltd. v. CIT (2015) 373 ITR 673 (SC) in upholding the addition on account of notional annual letting value made under section 22 of Income tax Act, 1961 ('the Act'). 1.1 That on facts and circumstances of the case and in law, the CIT(A) did not appreciate that closing stock of business of real estate is outside the ambit of section 22 of the Act. 2 That on facts and circumstances of the case and in law, the CIT(A) did not appreciate that out of total inventory of constructed area of 4,95,300.70 sqft in 35 projects, area of 23,744.56 sqft was actually let out and rental income derived there-from was duly declared in P&L A/c and was assessed to tax. 2.1 That on facts and circumstances of the case and in law, the CIT(A) has erred in sustaining addition of Rs. 82,78,816/-being notional ALV of 23744.56 sq.ft. area of inventory of closing stock actually let out allegedly for the reason that the issue was not separately raised in the grounds of appea....
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....I deposited beyond the due date u/s 36(1)(va) of the I.T. Act. 3. On the facts and in the circumstances of the case, the Ld. CIT(A) has erred in deleting the addition of Rs. 6,38,41,629/- u/s 43CA made by the AO on account of lesser sale consideration on transfer of properties than the value adopted by the stamp duty valuation authority. 4. On the facts and in the circumstances of the case, the Ld. CIT(A) has erred in restricting the addition of Rs. 5,74,71,115/- to Rs. 1,89,54,323/- (being the revenue for the period 01.04.2014 to 30.06.2014) made by the AO on account of Revenue from Wind Mill sold to M/s Rugby Renergy Pvt. Ltd. For the following reasons: a) The assessee has itself admitted that the sale of Wind Mill to M/s Rugby Renergy Pvt. Ltd. had not been completed during the financial year. b) The agreement did not come into force during the current financial year and clause XI of the said agreement cannot be said to have been executed. c) The assessee was the owner of the assets during the financial year and therefore the revenue from the Wind Mills is attributable to the assessee company for the entire financial year." 5. The ....
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....ded the properties which have been given on rent for calculation of notional rental value. Following the findings given in Assessment Years 2011-12 and 2012-13, the Id. CIT(A) directed to exclude such properties. 24. Since the ld. CIT(A) has followed the findings of the Assessing Officer himself given in Assessment Years 2011-12 and 2012-13, we do not find any merit in this grievance of the Revenue. Ground No. 1(b) is dismissed." 6.3. Respectfully following the aforesaid decision, the Ground Nos. 1.1, 2 & 2.1. raised by the assessee are allowed. 7. The Ground Nos. 3 & 3.1. raised by the assessee are determination of ALV in respect of property under litigation. 7.1. We have heard the rival submissions and perused the materials available on record. Both the parties before us fairly submitted that the issue raised in Ground Nos. 3 & 3.1. by the assessee are already covered in favour of the assessee by the order of this Tribunal in assessee's own case in ITA Nos. 5010 & 5011 /Del/ 2017 and ITA Nos. 5679 & 5680/Del/2017 for Asst Years 2013-14 and 2014-15 (cross appeals) respectively dated 23.2.2022. The relevant operative portion of the said order is reproduced hereund....
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.... reproduced hereunder:- "15. Facts on record show that the Assessing Officer has included ALV of certain properties which have been claimed by the assessee to be occupied for its own business purposes. These properties have been claimed to have been used for storage purposes or for office purposes. The Assessing Officer has not accepted the claim of the assessee and made addition in respect of notional value of the ALV. 16. Before the Id. CIT(A), the assessee contended that it has filed evidences in support of usage of spaces by the assessee alongwith copies of property tax, bills issued by the NDMC, New Delhi. 17. After considering the evidences and after perusing the decision given in Assessment Year 2010-11, 2011-12 and 2012-13, the ld. CIT(A) directed the Assessing Officer to exclude the ALV of the said 12 properties. 18. Before us, the ld. DR strongly supported the findings of the Assessing Officer. 19. Per contra, the ld. counsel for the assessee relied upon the decision of the Id. CIT(A). 20. In our considered opinion, section 22 of the Act itself excludes ALV of such properties of which the assessee is owner and has occu....
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....he year under consideration, the entire revenue from windmill net of its expenses amounting to Rs 5,74,71,115/- is taxable in the hands of the assessee company. The ld. CIT(A) in Para 11.4. of his order held that Clause 5(xi) of the Agreement to sell dated 22.7.2014 stipulates transfer of revenue from windmill to be effective from 1.7.2014 and accordingly the revenue from operation of windmills upto 30.6.2014 amounting to Rs 1,89,54,323/- would become taxable in the hands of the assessee company and remaining 9 months revenue would be taxable in the hands of the buyer i.e. Rugby Renergy P Ltd. Against this finding, both the assessee as well as the revenue are in appeals before us. 10.3. It is a fact that the assessee had not offered any revenue from windmills net of expenses during the year under consideration to tax on the ground that the buyer i.e Rugby Renergy P Ltd had offered the entire revenue from operations of windmills and its related expenses for the whole year to tax in its income tax returns. We find that the ld. CIT(A) had gone by the specific clause 5(xi) of the Agreement dated 22.7.2014 and had held that the revenue from operation of windmills for the period 1.4.2....
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....issued Letter of Intent for sanction of loan to the buyer on 3.11.2014 and No Dues Certificate issued by IDBI Bank to the assessee on 5.1.2015. c) Lease deeds for purchase of land were entered into on 28.1.2015 and 12.2.2015. d) Certificate issued by Windmills Maintenance Agency M/s Suzlon Global Services Ltd substituting the name of the buyer in the place of the assessee company on 24.11.2014. e) Insurance Policy of Windmills taken in the name of the buyer on 12.1.2015. f) Particulars of communication by the assessee to various agencies for transferring power purchase agreements in the name of the buyer dated 16.2.2015 and 17.2.2015. g) The buyer of Windmills i.e Rugby Renergy P Ltd started making payment of interest on outstanding loan amounts taken by the assessee for purchase of the said windmills vide Clause 5(XI)(B) of the Agreement dated 22.7.2014. It is a fact that the interest cost stood credited in the books of the assessee company which has been accepted by the ld. AO. While this is so, the ld. AO would not be justified in holding that the agreement dated 22.7.2014 was not acted upon by the parties. 10.5. We find that the r....
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....2,89,434 16 Rajni Gandha 11 521 Sq. FI. 16.80 1.05,034 17 Ansal Plaza Greater Noida 34,618 Sq. Ft. 33.60 1,19,57,978 18 Highway Plaza- Jalandhar 16,109 Sq. R. 33.60 64,95,149 19 Ludhiana Boulevard 2,573 Sq. Ft. 27.30 8,42,915 20 Jodhpur ARP 28,277 Sq. ft 16.80 57,00,643 21 Jodhpur- Sushant Haat 757 Sq. Ft. 11.55 1,04,920 22 Jaipur-Orchid 18,954 Sq. Ft. 9.45 21,49,384 23 Jaipur-Tulip 13,227 Sq. Ft 9.45 14.99,942 24 Palam Corporate Plaza 88,021 Sq. Ft. 26.25 2,77,26,615 25 Ansal Highway Plaza Sonepat 1.4.2 1,57,599 Sq. Ft. *** - 26 Corporate Park Noida 10,201 Sq. Ft. 26.25 32,13,315 27 Ajmer- Ansal Courtyard 22,944 Sq. Ft. 10.50 28,90,896 28 Ajmer- Abhilasha Home, Phase-I 2,120 Sq. Ft. 5.25 1,33,560 29 Ajmer- Abhilasha Home-I, Phase-II 3,500 Sq. Ft. 5.25 2,20,500 30 Mohali GL-I Courtyard 9,071 Sq.Ft. 10.50 11,42,996 31 Mohali GL-I Happy Homes 1,222 Sq. Ft. 5.25 76,986 32 Jaipur-Happy Home 850....