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TMI Blog2018 (6) TMI 745X X X X Extracts X X X X X X X X Extracts X X X X ..... eduction has to be given - the issue raised in this appeal is restored to the file of ld. Assessing Officer for re-adjudication after granting of opportunity of being heard - thus allowed for statistical purpose. Disallowance of depreciation on fighting and lift equipments - Held that:- following the decision of Co-ordinate Bench of this Tribunal in assessee's own case this issue is also restored to the file of ld. Assessing Officer for re-adjudication after granting of adequate opportunity of being heard - thus allowed for statistical purpose. Amount paid for breach of contract - capital or revenue expenditure - Held that:- The violation of the conditions of MOU has led to the cancellation of the joint venture and the assessee being ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iture rightly allowable as revenue expenditure. 3.3 The CIT (A) erred in merely following the case laws relied on by the Assessing Officer which is not applicable to the facts of the present case. 4.1 The CIT (A) erred in sending the issue relating to the additions to the property income to the file of the Assessing Officer. 4.2 The CIT (A) ought to have deleted the entire addition to the property income as it is untenable. 3. Mr.G.Baskar represented on behalf of the Assessee, and Mr.R.Clement Ramesh Kumar represented on behalf of the Revenue. 4. It was submitted by ld.A.R that Ground Nos.1.1 1.2 was against the action of the Ld.CIT(A) in upholding the action of the ld. Assessing Officer in treating the maintena ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thod of treatment of income for the Asst. Year 2002-03 and 2003-04. The learned Departmental Representative relied on the order of the CIT(Appeals). 81. After hearing both the parties, we set aside this issue to the rile of the Assessing Officer to re-do the assessment on this issue following the ratio laid down by the Hon ble Jurisdictional High Court in the Assessee s own case in T.C No.940 of 1985 (reported in 227 ITR 325) wherein the High Court has answered the question regarding assessment of amenities collected as Income from other sources. It is needless to mention that while re-doing the assessment as directed above, the Assessee will become entitled for deduction as mentioned in sec.57 of the Act. This ground is allowed for s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... #39;s own case referred to supra, this issue is also restored to the file of ld. Assessing Officer for re-adjudication after granting of adequate opportunity of being heard and we do so. Consequently, Ground No.2 of assessee s appeal is allowed for statistical purposes. 8. In respect of ground No.3, it was submitted by the ld.A.R that assessee owned 20 acres of land on Mount Road, Chennai and it entered into a joint venture agreement with M/s.Aban Hotels Resorts (P) Ltd. As per the agreement entered into between the assessee and M/s.Aban Hotels Resorts (P) Ltd., assessee had received `2.15 crores as an upfront fee. On account of certain breach in contract, a settlement was arrived at between the assessee and M/s.Aban Hotels Resorts ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Outlets etc. The assessee was to provide the land on lease basis to the joint venture company for an initial period of 30 years. Thus clearly the MOU has been entered into by the assessee with M/s.Aban Hotels Resorts (P) Ltd., is not one in respect of transfer of the land. Per se the MOU is for the purpose of creation of joint venture vehicle for the purpose of putting up constructions on leased properties. This admittedly is a new line of business of the assessee. The violation of the conditions of MOU has led to the cancellation of the same and the assessee being held responsible for repayment of part of expenditure incurred as also damages. This is nothing, but loss of capital. Thus, we are of the view that the ld. Assessing Officer w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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