Vidya Education Investments Pvt. Ltd., New Delhi V. DCIT, New Delhi

ITA 1779/DEL/2016

• Counselvise Citation: [2019] 116 COUNSELVISE.COM (IT) 2837 (ITAT-DELHI)
• Duration Of Justice: 3 year(s) 4 month(s) 27 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 02-09-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: E
• Assessment Year: 2012-2013
• Appeal Filed On: 05-04-2016
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Set aside

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES C: DELHI BEFORE SHRI BHAVNESH SAINI, JUDICIAL MEMBER AND SHRI O.P. KANT, ACCOUNTANT MEMBER ITA.NO.1779/DEL./2016 ASSESSMENT YEAR 2012-2013 VIDYA EDUCATION INVESTMENTS PVT. LTD., 5C, FRIENDS COLONY (WEST), MAIN MATHURA ROAD, NEW DELHI 110 065. PAN AABCV9413E VS THE INCOME TAX OFFICER, WARD-17(3), NEW DELHI. (APPELLANT) (RESPONDENT) FOR ASSESSEE : SHRI P.C. YADAV, ADVOCATE FOR REVENUE : SHRI AMIT KATOCH, SR. D.R. DATE OF HEARING : 21.08.2019 DATE OF PRONOUNCEMENT : 02.09.2019 ORDER THIS APPEAL BY ASSESSEE HAS BEEN DIRECTED AGAINST THE ORDER OF THE LD. CIT(A)-9, NEW DELHI, D ATED 18.02.2016, FOR THE A.Y. 2012-2013 ON THE FOLLOWING GROUNDS : 1. THE CIT(A) GROSSLY ERRED IN COMPUTING THE ALV OF T HE SCHOOL BUILDING @ THE RATE OF 8% OF INVESTMENT AND IN 2 ITA.NO.1779/DEL./2016 VIDYA EDUCATION INVESTMENTS PVT. LTD., NEW DELHI. ENHANCING THE ALV OF THE LET OUT PROPERTY AND THERE BY ENHANCING THE INCOME BY RS.68,36,379/-. 2. THE INTEREST PAID ON SECURED LOAN, UTILIZED FOR CONSTRUCTION OF SCHOOL BUILDING IN RESPECT OF WHICH FULL RENTAL INCOME IS INCLUDED THE COMPUTATION OF TAXABL E INCOME, WAS DULY CONSIDERED AND ALLOWED BY THE ASSESSING OFFICER IN THE COMPUTATION OF TAXABLE INCOME. WHETHER ON FACTS AND CIRCUMSTANCES OF THE CASE THE LEARNED CIT(A) ERRED IN INVOKING THE PROVISION OF SECTION 251(2) OF THE INCOME TAX ACT A ND ADDING TO THE TAXABLE INCOME RS.1,09,02,746/-, BEIN G 50% OF INTEREST CLAIMED AND ALLOWED BY THE ASSESSING OFFICER. 2. LEARNED COUNSEL FOR THE ASSESSEE AT THE OUTSET SUBMITTED THAT BOTH THE ABOVE ISSUES HAVE BEEN DECI DED IN FAVOUR OF THE ASSESSEE BY ORDER OF ITAT, DELHI D-BE NCH IN THE CASE OF SAME ASSESSEE FOR THE A.Y. 2010-2011 IN ITA.NO.6177/DEL./2014 DATED 22.06.2018. COPY OF THE ORDER IS PLACED ON RECORD AND PROVIDED TO THE LD. D .R. THE 3 ITA.NO.1779/DEL./2016 VIDYA EDUCATION INVESTMENTS PVT. LTD., NEW DELHI. LD. D.R. DID NOT DISPUTE THAT BOTH THE ISSUES HAVE BEEN DECIDED IN FAVOUR OF THE ASSESSEE. 3. FOLLOWING THE ORDER OF THE TRIBUNAL DATED 22.06.2018 (SUPRA) IN THE CASE OF THE ASSESSEE, WE SET ASIDE THE ORDERS OF THE AUTHORITIES BELOW AND DELETE THE ADDITIONS. 4. IN THE RESULT, APPEAL OF ASSESSEE ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT. SD/- SD/- (O.P. KANT) (BHAVNESH SAINI) ACCOUNTANT MEMBER JUDICIAL MEMBER DELHI, DATED 2 ND SEPTEMBER, 2019 VBP/- COPY TO 1. THE APPELLANT 2. THE RESPONDENT 3. CIT(A) CONCERNED 4. CIT CONCERNED 5. D.R. ITAT C BENCH 6. GUARD FILE //BY ORDER// ASST. REGISTRAR : ITAT : DELHI BENCHES : DELHI. 4 ITA.NO.1779/DEL./2016 VIDYA EDUCATION INVESTMENTS PVT. LTD., NEW DELHI. DATE OF DICTATION 21.08.2019 DATE ON WHICH THE TYPED DRAFT ORDER IS PLACED BEFOR E THE DICTATION MEMBER 28.08.2019 DATE ON WHICH THE APPROVAL DRAFT COMES TO THE SR. P S 02.09.2019 DATE ON WHICH THE FAIR ORDER IS PLACED BEFORE THE DICTATION MEMBER FOR PRONOUNCEMENT 02.09.2019 DATE ON WHICH THE FAIR ORDER COMES BACK TO THE SR. P.S. 02.09.2019 DATE ON WHICH THE FINAL ORDER IS UPLOADED ON THE WEBSITE OF ITAT 02.09.2019 DATE ON WHICH THE FILE GOES TO THE BENCH CLERK 03. 09.2019 DATE ON WHICH THE FILE GOES TO THE HEAD CLERK THE DATE ON WHICH THE FILE GOES TO THE ASSISTANT REGISTRAR FOR SIGNATURE ON THE ORDER DATE OF DISPATCH OF THE ORDER.