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TMI Blog2014 (5) TMI 771X X X X Extracts X X X X X X X X Extracts X X X X ..... sible expenditure u/s 37 of the Act being capital or personal in nature and not incurred for the purpose of business - the rent paid by the assessee has been duly reflected by the holding company and the holding company has shown it as its income from house property paying the applicable tax fully, at the maximum rate and has been accepted in an assessment completed u/s 143(3) of the Act - the ad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... increase in rent. 3. The Ld AR on the other hand submitted that assessee company is a 100% subsidiary company. The sq. ft. area was increased from 6000 sq.ft.to 15000 sq.ft. and therefore rent was increased as compared to previous year and resolution was passed to this effect. He invited our attention to paper book page 4 where a copy of resolution was placed. He further submitted that holding ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the appellant. It is seen that the increase in rent from last year was due to taking more area on rent of 9000 sq.ft. as against 6000 sq.ft. in the immediately preceding year. It is not the case of the Assessing Officer that rent paid was excessive as the lessor and lessee being related to parties, the only reason given for the disallowance was that no fresh deed has been signed. The appellant h ..... X X X X Extracts X X X X X X X X Extracts X X X X
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