DCIT, GURGAON vs. OMAXE LIMITED, NEW DELHI
In the result, the appeal filed by the Revenue is dismissed
ITA 2403/DEL/2025[2014]Status: DisposedITAT Delhi24 Oct 2025
Bench: Shri S. Rifaur Rahman & Ms. Madhumita Roydcit, Vs. Omaxe Limited, Gurugram. 7, Local Shopping Centre, Kalkaji, New Delhi – 110 016. (Pan : Aaaco0171H) (Appellant) (Respondent) Assessee By : Shri Akshat Jain, Ca Shri Rajat Jain, Ca Revenue By : Ms. Garima Mathur, Sr. Dr Date Of Hearing : 23.09.2025 Date Of Order : 24.10.2025 O R D E R Per S. Rifaur Rahman: 1. This Appeal Preferred By The Assessees Is Directed Against The Order Of The Ld. Commissioner Of Income-Tax (Appeals), Delhi-44 Dated 13.02.2025 For Ay 2014-15 Raising Following Grounds Of Appeal :- “(I) Whether Ld. Cit(A) Has Erred In Allowing Deduction U/S 80Ib (10) Of The Act To The Tune Of Rs.5,22,08,123/- In Respect Of The Profits From Housing Project Which Are Group Housing Scheme Of Multi-Storied Flats In The Projects Namely M/S Royal Residency, Ludhiana? (Ii) Whether Ld. Cit(A) Has Erred In Following The Order Of Ld. Cit(A) - 19 For The Ay 2011-12 Wherein It Was Held That The Aforesaid Group Housing Scheme Is Separately Satisfying The Conditions Laid Down In The Provisions Of 2 Section 80Ib(10) Despite Observing That The Consolidated Approval Of The Local Authority Is For The Entire Project? (Iii) Whether The Decision Of Ld. Cit(A) Does Not Suffer From The Vice Of Perversity? (Iv) Whether Ld. Cit(A) Has Erred In Law & On Facts By Determining The Credit Spread At 500 Basis Points, Relying Upon The Guidelines Issued By Reserve Bank Of India For External Commercial Borrowing? (V) Whether Ld. Cit(A) Has Erred In Law & On Facts By Ignoring The Judgment Of Hon'Ble High Court?”
For Appellant: Shri Akshat Jain, CAFor Respondent: Ms. Garima Mathur, Sr. DR
Section 80I
…loan rather than source funds. On this issue I rely on various judicial pronouncements reported as under: Siva Industries and Holdings Ltd. vs ACIT [ITA No. 2148/Mds/2148] Tata Autocomp Systems Ltd vs ACIT [ITA No. 7354/Mum/2011] Four Soft Ltd. vs DICT 142 TTJ 338 DCIT vs Tech Mahindra Ltd [46 SOT 141 Mum] Tricorn India Ltd. vs ITO [ITA No. 332/Mu m/2014] Aurino Solutions Ltd [ita no. 7872/Mum/2011] Hinduja Global Solutions Ltd vs ACIT [ITA No. 254/Mum/2013] Cotton Natural India Private Limited [TS -304-lTAT-201(DEL)-TP] The decision in the case of cotton natural India private Limited has been af…
