Appeal details
Counselvise Citation
[2018] 121 COUNSELVISE.COM (IT) 5726 (ITAT-DELHI)
Assessee PAN
Bench
Appeal Number
Duration Of Justice
5 year(s) 2 month(s) 9 day(s)
Appellant
Respondent
Appeal Type
Income Tax Appeal
Pronouncement Date
25-06-2018
Appeal Filed By
Assessee
Order Result
Dismissed
Bench Allotted
D
Next Hearing Date
24-07-2017
Assessment Year
2006-2007
Appeal Filed On
15-04-2013
Judgement Text
PAGE | 1 INCOME TAX APPELLATE TRIBUNAL DELHI BENCH F : NEW DELHI BEFORE SHRI JOGINDER SINGH , JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER ITA NO. 5720/DEL/2014 (ASSESSMENT YEAR: 2010 - 11 ) NITISHREE INFRASTRUCTURE LTD, (PRESENTLY KNOWN AS SHOURYA TOWERS PVT. LTD), C/O RRA TAXINDIA, D - 28, SOUTH EXTENSION, PART - I, NEW DELHI PAN: AAHCS9332F VS. DCIT, CENTRAL CIRCLE - 21, NEW DELHI (APPELLANT) (RESPONDENT) ITA NO. 6485/DEL/2014 (ASSESSMENT YEAR: 2010 - 11 ) DCIT, CENTRAL CIRCLE - 21, NEW DELHI VS. NITISHREE INFRASTRUCTURE LTD, (PRESENTLY KNOWN AS SHOURYA TOWERS PVT. LTD), C/O RRA TAXINDIA, D - 28, SOUTH EXTENSION, PART - I, NEW DELHI PAN: AAHCS9332F (APPELLANT) (RESPONDENT) ASSESSEE BY : DR. RAKESH GUPTA, ADV SHRI SOMIL AGGARWAL, ADV REVENUE BY: SHRI ATIQ AHMAD, SR. DR DATE OF HEARING 05/04/2018 DATE OF PRONOUNCEMENT 2 5 / 06 / 2018 O R D E R PER PRASHANT MAHARISHI , A. M. 1. TH ESE ARE THE APPEALS FILED BY THE ASSESSEE AND THE REVENUE AGAINST THE ORDER OF THE LD CIT(A) - II, NEW DELHI DATED 14/08/2014 FOR THE ASSESSMENT YEAR 2010 - 11 WHEREIN HE HAS CONFIRMED THE DISALLOWANCE OF INTEREST U/S 14A OF THE ACT. THEREFORE, THE ASSESSEE IS AGGRIEVED BY THIS TWO ADDITIONS AND HAVE PREFERRE D APPEAL BEFORE US. THE REVENUE IS ALSO AGGRIEVED BY THE DIRECTION OF THE LD CIT(A) IN COMPUTING THE DISALLOWANCE U/S 14A OF REDUCED AMOUNT OF INTEREST. NITISHREE INFRASTRUCTURE LTD VS. DCIT ITA NO.5720/DEL/2014 ITA NO.6485/DEL/2014 (ASSESSMENT YEAR: 2010 - 11) PAGE | 2 2. THE REVENUE HAS RAISED THE FOLLOWING GROUND OF APPEAL: - 1. THE LD CIT(A) HAS ERRED IN LAW AND ON FACTS IN DIRECTING THE AO TO CALCULATE DISALLOWANCE OF INTEREST ON ACCOUNT OF RS. 26008650/ - AS THE SUM WHICH WAS ADVANCED BY THE ASSESSEE OUT OF LOAN FUND AS AGAINST OF RS. 111416000/ - ADOPTED BY THE AO IN THE ASSESSMENT ORDER. 3. THE ASSESSEE HAS RAISED T HE FOLLOWING GROUNDS OF APPEAL: 1. THAT HAVING REGARD TO THE FACTS AND CIRCUMSTANCES OF THE CASE, LD. CIT(A) HAS ERRED IN LAW AND ON FACTS IN NOT DELETING THE DISALLOWANCE OF RS.61,40,312/ - FULLY AS MADE BY LD. AO U/S 36(L)(III) AND HAS FURTHER ERRED IN HOLDING THAT WHILE COMPUTING THE QUANTUM OF INTEREST TO BE DISALLOWED, THE LOAN ADVANCED TO M/S SHOURYA PROMOTERS (P) LTD. TO THE EXTENT OF RS.2,61,08,650/ - (GIVEN IN FY 2007 - 08) ONLY WILL HAVE TO BE CONSIDERED AND PROPORTIONATE DISALLOWANCE TO BE MADE IN THE HANDS OF APPELLANT COMPANY ON THE GROUNDS THAT THE APPELLANT HAS GIVEN INTEREST FREE LOAN TO THE GROUP COMPANY. 2. THAT IN ANY CASE AND IN ANY VIEW OF THE MATTER, ACTION OF LD. CIT(A) IN NOT DELETING THE DISALLOWANCE OF RS.61,40,312/ - FULLY AS MADE B Y LD. AO U/S 36(1 )(III) IS BAD IN LAW AND AGAINST THE FACTS AND CIRCUMSTANCES OF THE CASE. 3. THAT HAVING REGARD TO THE FACTS AND CIRCUMSTANCES OF THE CASE, LD. CIT(A) HAS ERRED IN LAW AND ON FACTS IN NOT DELETING THE DISALLOWANCE OF RS.20,16,615/ - AS MAD E BY LD. AO U/S 14A AND HAS FURTHER ERRED IN DIRECTING THE AO TO RE - COMPUTE THE DISALLOWANCE U/S 14A R.W.R. 8D(2)(II) AND (III) BY WAY OF ENHANCEMENT BY ADDING AN AMOUNT OF RS.3,45,00,000/ - TO THE SUPPOSED INVESTED AMOUNT AND THAT TOO BY RECORDING INCORREC T FACTS AND FINDINGS AND WITHOUT GIVING OPPORTUNITY OF HEARING. 4. THAT IN ANY CASE AND IN ANY VIEW OF THE MATTER, ACTION OF LD. CIT(A) IN NOT DELETING THE DISALLOWANCE OF RS.20,16,615/ - AS MADE BY LD. AO U/S 14A AND FURTHER IN ENHANCING THE DISALLOWANCE I N THIS REGARD IS BAD IN LAW AND AGAINST THE FACTS AND 5. THAT IN ANY CASE AND ANY VIEW OF THE MATTER, ACTION OF LD. CIT(A) IN NOT DELETING THE VARIOUS DISALLOWANCES MADE IN THE IMPUGNED ASSESSMENT ORDER AND ENHANCING THE DISALLOWANCE U/S 14A R.W.R. 8D(2)( II) AND (III) IS CONTRARY TO LAW AND FACTS, VOID AB INITIO, BEYOND JURISDICTION, AND WITHOUT GIVING ADEQUATE OPPORTUNITY OF HEARING, BY RECORDING INCORRECT FACTS AND FINDINGS AND THE SAME IS NOT SUSTAINABLE ON VARIOUS LEGAL AND FACTUAL GROUNDS. NITISHREE INFRASTRUCTURE LTD VS. DCIT ITA NO.5720/DEL/2014 ITA NO.6485/DEL/2014 (ASSESSMENT YEAR: 2010 - 11) PAGE | 3 6. THAT HA VING REGARD TO THE FACTS AND CIRCUMSTANCES OF THE CASE, LD. CIT(A) HAS ERRED IN LAW AND ON FACTS IN NOT REVERSING THE ACTION OF LD. AO IN CHARGING INTEREST U/S 234B OF THE INCOME TAX ACT, 1961. 7. THAT THE APPELLANT CRAVES THE LEAVE TO ADD, MODIFY, AMEND OR DELETE ANY OF THE GROUNDS OF APPEAL AT THE TIME OF HEARING AND ALL THE ABOVE GROUNDS ARE WITHOUT PREJUDICE TO EACH OTHER IS AN APPEAL. 4. BRIEF FACTS OF THE CASE IS THAT THE ASSESSEE IS A COMPANY WHO FILED ITS RETURN OF INCOME ON 14.10.2010 OF RS. 321160 / - . THE ASSESSMENT U/S 143(3) OF THE ACT WAS PASSED ON 12.03.2013 AT RS. 8478087/ - . THE LD AO DISALLOWED A SUM OF RS. 6140312/ - OUT OF INTEREST EXPENDITURE AND ALSO DISALLOWED RS. 2016615/ - U/S 14A OF THE ACT. THE ASSESSEE AGGRIEVED , PREFERRED APPEAL BEFOR E THE LD CIT(A) WHO PARTLY CONFIRMED THE DISALLOWANCE ON INVESTMENT OF RS. 6140312/ - OUT OF INTEREST EXPENDITURE AND WHILE CONFIRMING THE DISALLOWANCE U/S 14A HE DIRECTED THE LD AO TO CALCULATE THE DISALLOWANCE OF INTEREST OF RS. 2.60 CRORES INSTEAD OF RS. 11.14 CRORES. HOWEVER, HE CONFIRMED THE DISALLOWANCE OF RS. 2016165/ - U/S 14A OF THE ACT. NOW WE FIRST TAKE UP THE APPEAL OF THE ASSESSEE. 5. THE FIRST GROUND OF APPEAL IS AGAINST THE CONFIRMATION OF THE DISALLOWANCE OF RS. 61.40 LACS U/S U/S 36(1)( III ) OF THE ACT. 6. THE BRIEF FACTS OF THE CASE SHOWS THAT THE ASSESSEE HAD INVESTED OF RS. 16.83 CRORES AS ON 31.03.2010 AND THE ASSESSEE HAS CLAIMED FINA NCE CHARGES AS DEDUCTION OF RS. 67668135/ - . THE LD AO THEREFORE, ASKED THE ASSESSEE FOR WORKING OUT THE DISALLOWANCE U/S 14A OF THE ACT READ WITH RULE 8D. THE ASSESSEE SUBMITTED THAT IT HAS INVESTED RS. 11.14 CRORES AS SHARE APPLICATION MONEY IN ANOTHER GROUP COMPANY M/S. SHOURYA TOWERS PVT. LTD. WHICH IS LOANS AND ADVANCES. THEREFORE, THE LD AO FOUND THAT THE ASSESSEE HAS OBTAINED LOANS OF RS. 122.78 CRORES ON WHICH INTEREST DEDUCTION OF RS. 67668153/ - HAS BEEN CLAIMED. THE ASSESSEE HAS NOT CHARGED ANY INTERES T OF LOAN OF RS. 11.14 CORES GIVEN TO SOURYA PROMOTERS PVT. LTD THEREFORE, THE LD AO ASKED THE ASSESSEE THAT WHY PROPORTIONATE DISALLOWANCE SHOULD NOT BE MADE. THE ASSESSEE DID NOT FILE ANY REPLY AND THEREFORE, THE LD AO DISALLOWED INTEREST PROPORTIONATELY AS NITISHREE INFRASTRUCTURE LTD VS. DCIT ITA NO.5720/DEL/2014 ITA NO.6485/DEL/2014 (ASSESSMENT YEAR: 2010 - 11) PAGE | 4 ON THE BASIS TO LOAN GIVEN TO LOAN OBTAINED OF RS. 6140312/ - U/S 36(1)( III ) OF THE ACT. THE ASSESSEE PREFERRED AN APPEAL BEFORE THE LD CIT(A) , WHO NOTED THAT THE WRONG CLASSIFICATION BY THE ASSESSEE OF THE LOAN AMOUNT AS SHARE CAPITAL CANNOT BE ACCEPTE D. HE DIRECTED THE LD AO TO DISALLOW THE INTEREST ON ONLY RS. 2.61 CRORES OUT OF RS. 11.14 CRORES. HE REDUCED THE SUM OF RS. 3.45 CRORES AS INVESTMENT IN OTHER FIRM. HE FURTHER DIRECTED THAT RS. 10.81 CRORES ADVANCED BY THE ASSESSEE IN EARLIER YEARS AND HE CONSIDERED SAME GIVEN OUT OF INTEREST FREE FUNDS AVAILABLE WITH THE ASSESSEE. HE FURTHER HELD THAT AS THE LD AR HAS STATED THAT THE ADVANCE OF RS. 26108650/ - IS ONLY OUT OF OVER DRAFT ACCOUNT WITH BANK , HENCE, HE DIRECTED TO WORK OUT DISALLOWANCE ON IT ON LY. THEREFORE, NOW ASSESSEE IS CONTESTING THE INTEREST DISALLOWANCE ON THE ABOVE SUM OF RS. 26108650/ - ONLY. 7. THE LD AR SUBMITTED BEFORE US AS UNDER: - A. HE SUBMITTED THAT INTEREST CANNOT BE DISALLOWED ON ADVANCES GIVEN IN ASSESSMENT YEAR 2008 - 09 AND WHERE TH ERE IS NO FINDING THAT THE ABOVE LOAN HAS BEEN GIVEN OUT OF INTEREST BEARING FUNDS. HE SUBMITTED THAT INTEREST DISALLOWANCE HAS NOT BEEN MADE IN THE HANDS OF THE ASSESSEE FOR AY 2008 - 09 AND 2009 - 10 WHICH ARE PRIOR TO THE IMPUGNED ASSESSMENT YEAR AND ASSESS MENT YEAR 2011 - 12 WHICH THE SUBSEQUENT ASSESSMENT YEAR ALL DESPITE ASSESSMENT FRAMED U/S 143(3) OF THE ACT. B. HE FURTHER STATED THAT IT IS ESTABLISHED THAT THE ASSESSEE HAS GIVEN THE ABOVE SUM OUT OF OVERDRAFT ACCOUNT OF THE ASSESSEE. THE OVER DRAFT ACCOUNT HAS ALSO THE DEPOSITS OUT OF BUSINESS AND THEREFORE, IT CANNOT BE SAID THAT THE ASSESSEE HAS GIVEN INTEREST BEARING FUNDS TO THE OTHER PARTY . HE FURTHER STATED THAT ASSESSEE , HAS GIVEN ADVANCE ON BASIS OF MEMORANDUM OF UNDERSTANDING BETWEEN THE ASSESSEE AND THE BORROWER WHICH IS PLACED AT PAGE NO. 38 AND 40 OF THE PAPER BOOK. HE THEREFORE, SUBMITTED WITH THE ABOVE FUNDS THE BORROWER WAS SUPPOSED TO PURCHASE VARIOUS LAND AS MENTION ED IN NITISHREE INFRASTRUCTURE LTD VS. DCIT ITA NO.5720/DEL/2014 ITA NO.6485/DEL/2014 (ASSESSMENT YEAR: 2010 - 11) PAGE | 5 MOU DATED 15.05.2006 . ON ABOVE LAND WAS TO BE DE VELOPED AND THE ASSESSEE WAS TO GET THE DEVELOPED PORTION OF THE REAL ESTATE FOR SALE. HE THEREFORE, SUBMITTED THAT THERE IS COMMERCIAL CONSIDERATION FOR NOT CHARGING INTEREST ON THE ABOVE LOANS. IN VIEW OF THIS HE SUBMITTED THAT DISALLOWANCE CONFIRMED BY THE LD CIT(A) DESERVED TO BE DELETED. 8. THE LD DR VEHEMENTLY CONTESTED THAT WHEN THE ASSESSEE HAS GIVEN ABOVE LOAN AMOUNT OUT OF OVERDRAFT LOAN AMOUNT INTEREST DISALLOWANCE HAS RIGHTLY BEEN CONFIRMED BY THE LD CIT(A). HE SUPPORTED THE ORDER OF THE LOWER AUTHORITIES. 9. WE HAVE CAREFULLY CONSIDERED THE RIVAL CONTENTIONS AND ALSO PERUSED THE ORDERS OF THE LOWER AUTHORITIES. ADMITTEDLY IN THIS CASE THE LD CIT(A) HAS HELD THAT OUT OF RS. 11.14 CRORES THE LOAN GIVEN BY THE ASSESS EE OUT OF OVERDRAFT ACCOUNT IS ONLY RS. 2.61 CRORES WHICH CAN BE CONSIDERED AS SOURCED OUT OF LOAN FUNDS AVAILABLE IN EARLIER YEARS . THE LD CIT(A) HAS HELD THAT OUT OF RS. 11.14 CORES FOR ADVANCE GIVEN BY THE ASSESSEE A SUM OF RS. 10.82 CRORES OUT OF INTER EST FREE FUNDS. FURTHER IT WAS NOTED BY THE LD CIT(A) THAT IN THAT YEAR ONLY CAR LOANS WERE BORROWED BY THE ASSESSEE AND THOSE FUNDS WERE USED FOR BUYING THE CAR S . IN VIEW OF THIS , HE STATED THAT ON RS. 10.82 CRORES THERE IS NO INTEREST EXPENDITURE ATTRIBU TABLE HENCE, HE DELETED THE INTEREST DISALLOWANCE ON THE ABOVE SUM. WE DO NOT FIND ANY REASON TO DISTURB THE FINDING OF THE LD CIT(A) WHICH IS REASONABLE AND LOGICAL. 10. IN VIEW OF THIS THE ONLY GROUND OF APPEAL OF THE REVENUE IS DISMISSED . 11. NOW COMING TO THE APPEAL OF THE ASSESSEE WHEREIN, THE LD CIT(A) HAS CONFIRMED THE DISALLOWANCE OF INTEREST ON ADVANCE OF RS. 2.61 CRORES CONTENTION OF THE ASSESSEE THAT THERE ARE BUSINESS CONSIDERATION IN GIVING LOAN TO THE ABOVE COMPANY. IT WAS STATED BY THE ASSESSEE THAT THE ASSESSEE PURCHASE D LANDS IN THE NAME OF VARIOUS ASSOCIATED ENTERPRISES COMPANY DUE TO STRINGENT LAND CEILING PROVISIONS. THE ASSESSEE ENTERED INTO AN MOU WITH THE BORROWER AND PROVIDED FUNDS TO THE COMPANY FOR NITISHREE INFRASTRUCTURE LTD VS. DCIT ITA NO.5720/DEL/2014 ITA NO.6485/DEL/2014 (ASSESSMENT YEAR: 2010 - 11) PAGE | 6 PURCHASE OF LAND. IT WAS STATED BY THE LD AR THAT THE BENEFICIAL OWNERSHIP OF AS SUCH LAND WAS WITH THE ASSESSEE COMPANY , WHEREAS THE BORROWER WAS ONLY LEGAL OWNER. IT IS FURTHER STATED THAT THE AMOUNT OF RS. 11.14 CORES WAS GIVEN NOT IN THE ASSESSMENT YEAR 2010 - 11 BUT IN EARLIER YEARS. IT IS STATED THAT RS. 8.53 CRORES WAS GIVEN IN ASSESSMENT YEAR 2006 - 07, RS. 2.60 CRORES IN ASSESSMENT YEAR 2007 - 08. THEREFORE, THAT SUM WERE GIVEN NOT IN THIS YEAR BUT IN EARLIER YEARS. IT WAS FURTHER STATED THAT NO DISALLOWANCE HAS BEEN MADE IN AS SESSMENT YEAR 2008 - 09 AND 2009 - 10, BUT ONLY IN ASSESSMENT YEAR 2010 - 11. HON'BLE DELHI HIGH COURT IN CIT VS. GIVO LTD IN ORDER DATED 2 7 TH JULY 2017 IN ITA NO. 941/2010 HAS HELD THAT THE IF IN THE PAST ASSESSMENT YEARS THE INTEREST EXPENDITURE HAS BEEN ALLOWED , IT IS NOT OPEN TO THE AO TO DISALLOW THE SAID EXPENDITURE IN THE IMPUGNED ASSESSMENT YEAR. IT IS FURTHER HELD THAT IT WOULD NOT BE E QUITABLE TO PERMIT THE REVENUE TO TAKE THE DIFFERENCE STAND IN RESPECT TO THE EXPENDITURE WHICH WAS SUBJECT MATTER OF THE PREVIOUS YEAR S ASSESSMENT. THEREFORE, INTEREST DISALLOWANCE DELETED BY THE COORDINATE BENCH WAS UPHELD. IN THE PRESENT CASE , THE LD C IT(A) HAS STATED THAT INTEREST ON EARLIER LOAN WAS PAID ON CAR LOANS . HOWEVER ON EXAMINATION OF THE BALANCE SHEET AS AT , FOR 31.03.2009 WE FIND THAT THE ASSESSEE HAS DEBITED THE FINANCIAL EXPENSES OF RS. 7.70 CRORES AND WHERE THERE WAS NO DISALLOWANCE WAS MADE U/S 36(1)( III ) ON ACCOUNT OF INTEREST EXPENDITURE. ASSESSMENT ORDER PASSED U/S 143(3) OF THE ACT WAS PLACED BEFORE US, WHICH CONFIRMED ABOVE FACT. IN VIEW OF THIS , RESPECTFULLY FOLLOWING THE DECISION OF THE HON'BLE DELHI HIGH COURT , WE DIRECT THE LD AO TO DELETE THE INTEREST EXPENDITURE ON ADVANCE OF RS. 2.61 CRORES GIVEN TO M/S. SAURYA PROMOTERS PVT LTD. ACCORDINGLY, GROUND NO. 1 AND 2 OF THE APPEAL OF THE ASSESSEE IS ALLOWED. 12. GROUND NO. 3 IS WITH RESPECT TO THE DISALLOWANCE U/S 14A MADE BY THE AO A PPLYING THE PROVISIONS OF RULE 8D OF RS. 2016665/ - . THE LD CIT(A) NOTED THAT AS THE ASSESSEE HAS INVEST ED THE SUM OF RS. 3.45 CRORES IN SOME NITISHREE INFRASTRUCTURE LTD VS. DCIT ITA NO.5720/DEL/2014 ITA NO.6485/DEL/2014 (ASSESSMENT YEAR: 2010 - 11) PAGE | 7 COMPANIES THE LD AO IS DIRECTED TO ENHANCE THE DISALLOWANCE U/S 14A OF THE ACT. 13. THE LD AR HAS DRAWN OUT ATTENTIO N TO PAGE NO. 8 OF THE BALANCE SHEET OF THE COMPANY WHEREIN, THE PROFIT AND LOSS ACCOUNT OF THE ASSESSEE IS PLACED VIDE SCHEDULE NO 12 , HE STATED THAT THERE IS NO EXEMPT INCOME EARNED BY THE ASSESSEE. HE SUBMITTED THAT THE ASSESSEE HAS ONLY EARNED THE IN TEREST INCOME ON FDRS, WHICH IS CHARGEABLE TO TAX. THE OTHER MISCELLANEOUS INCOME OF RS. 18833/ - IS NOT EXEMPT. HE THEREFORE, SUBMITTED THAT IN ABSENCE OF ANY EXEMPT INCOME NO DISALLOWANCE CAN BE MADE. HE RELIED ON THE DECISION OF THE HON'BLE DELHI HIGH CO URT IN CHEMINVEST LTD VS. CIT 322 ITR 33 . 14. THE LD DR RELIED UPON THE ORDER OF THE LD AO. 15. WE HAVE CAREFULLY CONSIDERED THE RIVAL CONTENTIONS AND ALSO FOUND SUBSTANTIAL FORCE IN THE ARGUMENT OF THE LD AR THAT IF THERE IS NO EXEMPT INCOME EARNED BY THE ASSESSEE THEN NO DISALLOWANCE CAN BE MADE U/S 14A OF THE ACT. THE DECISION OF THE HON'BLE DELHI HIGH COURT ALSO SUPPORTS THE VIEW OF THE LD AUTHORIZED REPRESENTATIVE. HOWEVER, THE ABOVE FACTS NEEDS A PROPER EXAMINATION THAT WHETHER ASSESSEE HAS EARNED EXEM PT INCOME DURING THE YEAR OR NOT. THIS FACT IS NOT AVAILABLE ON RECORD WE HAVE ALSO VERIFIED ONLY THE DOCUMENTS AVAILABLE BEFORE US IN THE FORM OF THE BALANCE SHEET AND PROFIT AND LOSS ACCOUNT. THE COPY OF THE COMPUTATION WAS NOT PLACED BEFORE US. IN VIEW OF THIS , WE SET ASIDE THIS GROUND BACK TO THE FILE OF THE LD AO FOR PROPER VERIFICATION THAT WHETHER THE ASSESSEE HAS EARNED ANY EXEMPT INCOME OR NOT, IF HE FINDS THAT THERE IS NO EXEMPT INCOME EARNED BY THE ASSESSEE , DISALLOWANCE DESERVES TO BE DELETED. E VEN OTHERWISE THE LD AO SHOULD TAKE NOTE OF LAW THAT DISALLOWANCE CANNOT EXCEED THE EXEMPT INCOME EARNED BY THE ASSESSEE. THEREFORE, IN VIEW OF OUR ABOVE FINDING THE LD AO IS DIRECTED TO DECIDE THE DISALLOWANCE U/S 14A OF THE ACT AFRESH, AFTER GIVING THE A SSESSEE A PROPER OPPORTUNITY OF HEARING. ACCORDINGLY, GROUND NO. 3 AND 4 OF THE APPEAL OF THE ASSESSEE ARE ALLOWED. NITISHREE INFRASTRUCTURE LTD VS. DCIT ITA NO.5720/DEL/2014 ITA NO.6485/DEL/2014 (ASSESSMENT YEAR: 2010 - 11) PAGE | 8 16. IN THE RESULT APPEAL OF THE REVENUE IS DISMISSED AND APPEAL OF THE ASSESSEE IS PARTLY ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED I N THE OPEN COURT ON 2 5 / 06 / 2018 . S D / - S D / - ( JOGINDER SINGH ) (PRASHANT MAHARISHI) JUDICIAL MEMBER ACCOUNTANT MEMBER DATED: 2 5 / 06 / 2018 A K KEOT COPY FORWARDED TO 1. APPLICANT 2. RESPONDENT 3. CIT 4. CIT (A) 5. DR:ITAT ASSISTANT REGISTRAR ITAT, NEW DELHI
