2007 (12) TMI 561

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..... 39;), the revenue is aggrieved by an order dated 18-5-2007 passed by the Income-tax Appellate Tribunal, Delhi Bench 'D', New Delhi ('Tribunal') in ITA No. 4338/D/2004 for the assessment year 2001-02. The present proceeding stems from an assessment order dated 26-3-2004 whereby the Assessing Officer disallowed Rs. 53,08,815 being 60% of the expenses claimed by the assessee under the .....

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..... . 3. We have considered the submissions of Ms. Prem Lata Bansal, learned Senior Standing counsel for the revenue. She seeks to support the order of the Assessing Officer by reiterating that the huge amount of rental income has to have a corresponding expenditure. The expenses on this score could not be entirely related to the business activity of the assessee. 4. After examining the orders we are .....

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