9911796707
TMI Blog2015 (12) TMI 388X X X X Extracts X X X X X X X X Extracts X X X X ..... a finding that the assessee company purchased the land and constructed the bare building at plot No. 7 Sector 127, Taj Express way, Noida and charged rent for the land and bare construction of building under an agreement entered into between the assessee company and the tenants. It is also born out on record that maintenance charges, whatsoever, were paid by the tenant to another company namely, M/s. IHDP Home Interiors Exports Parks Pvt. Ltd. under a separate agreement. It is also not in dispute that the lifts, generator, fire equipments etc. installed in the premises were not owned by assessee company, but by the other company who rendered maintenance services and received the maintenance charges CIT(A) appears to have committed no er ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ; 2,72,74,672/- made by the AO with her confirmed observations that receipts of above amount by sister concerns of the assessee as maintenance charges in fact emanated from agreement between assessee and its tenants and thus was a part and parcel of receipts in the hands of the assessee. 2. The Brief facts of the case are that the assessee company is a holding company of M/s. IHDP Home Interior Export Parks Private Limited and 100% share capital of subsidiary company/sister concern is held by the assessee company and both the directors are common. The assessee company enjoyed rental income of ₹ 17,11,94,528/- from its self occupied property situated at Plot No. 7, Sector 127, Taj Express Way, New Okhla Industrial Development Are ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vs. McDowell, made the impugned addition to the income of the assessee. Aggrieved assessee challenged the assessment order before the ld. CIT(A), who deleted the impugned addition observing as under : I have gone through the assessment order and submissions of AR and the papers and documents placed during the assessment proceedings, the copies of which were also placed before me in appellate proceedings. After carefully considering the same and the arguments raised before me by the AR, I find that the appellant company, - IHDP Globals Private Ltd. and the another company, Home Interiors Exports Parks Pvt. Ltd and the another company namely IHDP Home Interior Export Parks Private Ltd. are two separate assessees. I also find from the cop ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ual position, I am of the considered opinion that on the facts and circumstances of the case, there is no reason to include the Income of Maintenance charges of ₹ 2,72,74,672/- earned by namely IHDP Home Interior Export Parks Private Ltd., which is a separate assessee, in the hands of the appellant company, - IHDP Global Private Ltd. I accordingly delete this addition of ₹ 2,72,74,672/-. 3. During the course of hearing, the ld. DR relying upon the assessment order submitted that the agreement between the subsidiary company of assessee and the tenant was a collusive agreement to divert the rental income of the assessee. It was submitted that the ld. CIT(A) while deleting the addition, did not consider this aspect of the cas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1-12 have been accepted by the Assessing Officer vide assessment orders u/s. 143(3) dated 08.02.2013 and 06.01.2014 (Copy placed before us) and the nature of business of assessee s subsidiary company stands depicted from their assessment order dated 27.02.2015 u/s. 143(3) for A.Y. 2012-13 (Copy placed before us). The ld. CIT(A) has also considered the statement of Income and Income Tax Return filed by M/s. IHDP Home Interiors Exports Parks Pvt. Ltd for the year under consideration. The learned DR could not be able to show any such surrounding circumstances to suggest that the agreements in question were collusive agreements. He also could not deny that the service equipments installed in the premises were owned by the service provider. Ther ..... X X X X Extracts X X X X X X X X Extracts X X X X
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