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Income Tax Appellate Tribunal, DELHI BENCH “C”: NEW DELHI
Before: SHRI AMIT SHUKLA & SHRI PRASHANT MAHARISHI
O R D E R PER PRASHANT MAHARISHI , A. M.
This appeal is filed by the ld DCIT, Circle-14(1), New Delhi for Assessment Year 2005-06 against the order of the ld CIT(A)-17, New Delhi dated 27.06.2014. The ld CIT(A) passed an order in appeal filed by the assessee against the assessment order passed by the ld AO i.e. DCIT, Circle-14(1), New Delhi u/s 147 read with section 143(3) of the Act, 1961 dated 25.03.2013.
The brief facts of the case shows that the assessee is a company who originally filed return of income on 30.03.2006 declaring loss of Rs. 157050/-. The assessment u/s 147 read with section 143(3) was completed on 29.09.2009 at the total income of Rs. 60,53,100/-. Subsequently, the assessment was reopened for disallowance of expenditure u/s 14A of the Act and determination of the annual value of the property. The ld AO subsequently determined the expenses disallowable u/s 14A of the Act of Rs. 575764/-. Further, the annual lettable value of a property was also determined at Rs. 5,76,63,600/-. Page | 1