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09-01-2019, NABINAGAR POWER, Section 5, 56, Tribunal Delhi

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1 week 2 days ago - 1 week 2 days ago #8320 by amit
Section - 5, 56
Order Date - 09-01-2019
Favouring - Assessee
Court - Tribunal Delhi
Appellant - ITO
Respondent - NABINAGAR POWER GENERATING CO. PVT. LTD.
Justice - H.S. SIDHU JM & PRASHANT MAHARISHI AM
Citation - 119Taxpundit116
Appeal No. - ITA No. 5290/Del/2017
Asstt. Year - 2014-15

Order

PER : H.S. SIDHU, JM

This appeal is filed by the Revenue against the Order dated 5.6.2017 passed by the Ld. CIT(A)-6, New Delhi relating to assessment year 2014-15 on the following grounds:-

i. Whether on the facts and in the circumstances of the case, the Ld. CIT(A) is legally justified in deleting the addition of Rs. 58,11,065/- and Rs. 20,06,174/- on account of interest received from bank and on advances to contractors respectively during the year by not appreciating the fact that provisions laid down in section 5 of the Income Tax Act, (the Act) wherein it has been clearly mentioned that the total income of a person includes all the income earned / received or deemed to be earned / received by the person in the previous year?

ii. Whether on the facts and in circumstances of the case, the Ld. CIT(A) is legally justified in deleting the addition of Rs. 2,44,466/- on account of miscellaneous income by sale of scrap even when the receipt was squarely covered under provision to section 5 of the Act r.w.s. 56(1) & (2) of the Act which says that the ‘total income’ includes all the income earned / received or deemed to be earned / received by the persons in the previous year?

iii. Whether on facts and in circumstances of the case, the Ld. CIT(A) is legally justified in deleting the addition of Rs. 58,11,065/- and Rs. 20,06,174/- on account of interest received from bank and on advances to contractors respectively by ignoring the findings of the AO recorded in the assessment order that the assessee invested surplus funds which were not immediately required by it in FDRs and earned interest on it which clearly falls in the definition of ‘income from other sources’ as per sub section (1) and (2) to section 56 of the Act?

iv. Whether on facts and in circumstances of the case, the Ld. CIT(A) is legally justified in allowing relief to the assessee on the basis of its earlier years’ decision in the assessee’s own case despite the fact that principle of resjudicata is not applicable to income tax proceedings as each asses ment year is a separate year?

v. That the appellant craves leave to add, amend, alter or forgo any ground(s) of appeal either before or at the time of hearing of the appeal.

2. The brief facts of the case are that assessee filed its e-return on 30.9.2013 declaring NIL income with loss of Rs. (-) Rs. 1500/-. The return was processed under section 143(1) of the Income Tax Act, 1961 on 12.6.2015. The case was selected for scrutiny under compulsory manual category. Accordingly notice under section 143(2) of the I.T. Act, 1961 dated 14.9.2015 was issued and served upon the assessee company. Thereafter, notices u/s. 142(1) alongwith with questionnaire was issued and duly served upon the assessee company. In response to the same, assessee attended the proceedings from time to time and filed the requisite details. The assessee is a Joint Venture Company incorporated on 9.9.2008. The Joint Venture Company of the company are NTPC Limited and Bihar State Electricity Board. The Joint Venture was

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