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Income Tax Appellate Tribunal, DELHI BENCH ‘H’, NEW DELHI
Before: SH. N. K. BILLAIYA & SH. ANUBHAV SHARMA
Date of hearing: 01/09/2022 Date of Pronouncement: 01/09/2022 ORDER PER N.K. BILLAIYA, AM:
This appeal by the revenue is preferred against the order of the CIT(A)-5, New Delhi dated 28.03.2019 for A.Y.2013-14.
2. The grievance of the revenue read as under :- 1. The Ld. CIT(A) has erred in holding that the interest of Rs.2,18,79,804/- earned from bank deposits is inextricably linked to the development / setting up of the Power plant by wrongly relying on the decision of Hon’ble High Court in the case of NTPC Sail Power Company Ltd. Vs. CIT and Indian Oil Panipat power Construction Ltd. vs. ITO (2009 315 ITR 255) (Del.). The facts and ratio of these case laws is not applicable to this case.
The Ld. CIT(A) has erred in holding that the interest of Rs.1,54,00,667/- recovered from contractors is inextricably linked to the development / setting up of the Power plant by wrongly relying on the decision of Hon’ble Supreme Court in the case of CIT vs. Bokaro Steel Ltd. 236 ITR 315. The facts and ratio of these case laws is not applicable to this case.
3. The Ld. CIT(A) has erred in holding that other receipts of Rs.32,63,954/- recovered from contractors is inextricably linked to the development / setting up of the Power plant.
4. The Ld. CIT(A) has erred in holding that miscellaneous income of Rs.18,05,630/- out of total amount of Rs.41,57885/- recovered towards rent from employees for stage two expansion and contractors is inextricably linked to the development/ setting up of the Power plant.
At the very outset the Counsel drew our attention to form 5 being order for full and final settlement of tax under the direct tax VSVS Act 2020 and pointed out that the impugned quarrel has been settled by the assessee by paying the requisite tax.
We have carefully perused form No.5 which is as under :-
A perusal of the above show that disputed tax in has been settled by the assessee thereby making this appeal by the revenue otios and is accordingly dismissed.
Decision announced in the open court on 01.09.2022.