DCIT, NEW DELHI vs. PTC INDIA FINANCIAL SERVICES LTD, NEW DELHI

ITA 1267/DEL/2015Status: DisposedITAT Delhi19 February 2021AY 2010-116 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the CIT(A)'s decision, finding that the investments were strategic and not funded by borrowed money, and that the depreciation claim on windmills was supported by evidence already on record. The interest disallowance was also deemed incorrect as the borrowed funds were used for business purposes.

What were the facts?

The Revenue appealed against the CIT(A)'s order deleting additions made by the AO. The additions related to disallowance under Section 14A, depreciation on windmills, and disallowance of interest on borrowed funds.

What were the issues?

Whether the CIT(A) erred in deleting additions related to Section 14A disallowance, depreciation on windmills, and interest on borrowed funds.

Which sections of the Income-tax Act were involved?

Section 14A,Section 32,Section 36(1)(iii)

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Income Tax Appellate Tribunal, DELHI BENCH: ‘F’ NEW DELHI

Before: SHRI N. K. BILLAIYA & MS SUCHITRA KAMBLE

For Appellant: Smt. Sushma
For Respondent: Adv and Sh. Sumit Lal Chandani
Hearing: 21.01.2021

PER SUCHITRA KAMBLE, JM This appeal is filed by the Revenue against order dated 29/12/2014 passed by CIT(A)-7, New Delhi For Assessment Year 2010-11. 2. The grounds of appeal are as under:- “1. In the facts and circumstances of the case, the Ld.CIT(A) has erred in deleting the additions of Rs. 4,24,88,156/- made by the A.O u/s 14A in accordance with Rule 8D of the Income Tax Rule.

2.

In the facts and circumstances of the case, the Ld.CIT(A) has erred in deleting the additions of Rs. 17,39,69,513/- made by AO by disallowing depreciation claimed on Wind Mills by admitting fresh evidence in violation of Rule 46(3) of the IT Rules.

2

The order continues below.

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