VIDYA EDUCATION INVESTMENTS PVT. LTD.,NEW DELHI vs. DCIT, NEW DELHI
In favour of the assessee: the assessee's appeal was allowed. From the AI summary of this appeal.
What did the Tribunal hold?
The Tribunal, following its prior order for the same assessee in a different assessment year, set aside the orders of the lower authorities and deleted the additions made. The appeal was decided based on the precedent.
What were the facts?
The assessee appealed against the CIT(A)'s order which enhanced the annual letting value (ALV) of a school building and disallowed 50% of interest on a secured loan. The assessee argued that these issues were decided in their favor in a previous assessment year.
What were the issues?
Whether the CIT(A) erred in enhancing the ALV of the school building and disallowing 50% of the interest on a secured loan used for construction.
Which sections of the Income-tax Act were involved?
AI-generated summary — verify with the full judgment below
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.
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