9911796707
TMI Blog2012 (2) TMI 218X X X X Extracts X X X X X X X X Extracts X X X X ..... examine the relevant clauses of the lease agreement and consider the claim regarding unilateral termination, the legal effect thereof and the subsequent settlement agreement between the assessee and ITC Ltd. and the legal effect thereof. Therefore, tribunal will re-examine, the entire aspect and questions afresh .It is, however, clarified that we have not examined the claim or the addition on merits – Decided in favor of Revenue. - ITA 504/2010, ITA 545/2010, ITA 99/2011, ITA 354/2011 - - - Dated:- 14-2-2012 - MR. JUSTICE SANJIV KHANNA, MR. JUSTICE R.V. EASWAR, JJ. For Appellant: Ms. Rashmi Chopra, sr. standing counsel For Respondent: Mr. M S Syali, Sr. Adv. with Mr. Rahul Sateeja, Adv. SANJIV KHANNA, J: (ORAL) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... milar controversy also arose in the year 1997-98. The appeals being ITA Nos.3806/Mum/01 2369/Mum/99 filed for the assessment years 1995-96 and 1997-98 were disposed of, by the tribunal on aforesaid issues vide order dated 23rd July, 2007. The relevant and reasoning portion of the order reads as under : 8. Ground No.6 for the assessment year 1995-96 and ground Nos.5, 6 7 for the assessment year 1997-98 pertain to recognition of income of licence fee on account of accrual from ITC Ltd. The brief facts are as follows: - The assessee owns a hotel called Sea Rock. The hotel property was given on lease operating lease to ITC Ltd. In November, 1978. This property got affected in serial bomb blasts, which took place in Mumbai on 12th March ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee in the form of licence fee for these impugned assessment years. Thus, we allow the grounds of appeal of the assessee for both the assessment years on this issue and delete the addition of licence fee in question. 9. We may note that appeals have been preferred by the Revenue against the said decision before the High Court of Bombay and the same are stated to be pending. However, counsel for the parties are not able to state and inform us about the present status of the said appeals. 10. Similar additions have been also made for the assessment years 2002-03, 2003-04 and 2004-05 in the regular assessment proceedings under Section 143(3). The Assessing Officer in the three years held that 23% of the turnover of the hotel should ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ay notice here that the tribunal while accepting the claim of the assessee in the impugned orders which are subject matter of challenge in ITA Nos.545/2010, 504/2010, 99/2011 and 354/2011 has not referred to the factual matrix, the legal issue involved or discussed and elucidated thereon. The tribunal has merely followed their earlier orders for the assessment year 1995-96/1997-98. We have quoted the aforesaid order of the tribunal above. 15. During the course of the hearing before this Court, the Revenue has filed a paper book consisting of the agreement between assessee and ITC Ltd. and also the settlement agreement between the assessee and ITC Ltd. We may note that the Revenue was directed to file the aforesaid documents vide order dat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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