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Income Tax Appellate Tribunal, DELHI BENCHES “C”: DELHI
Before: SHRI BHAVNESH SAINI & SHRI O.P. KANT
This appeal by Assessee has been directed against the Order of the Ld. CIT(A)-9, New Delhi, Dated 18.02.2016, for the A.Y. 2012-2013 on the following grounds :
1. “The CIT(A) grossly erred in computing the ALV of the 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 thereby 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 taxable 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 and adding to the taxable income Rs.1,09,02,746/-, being
50% of interest claimed and allowed by the Assessing Officer.”
Learned Counsel for the Assessee at the outset submitted that both the above issues have been decided in favour of the assessee by Order of ITAT, Delhi D-Bench 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.
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.
In the result, appeal of Assessee allowed.
Order pronounced in the open Court.