M/s. CeeDeeYes IT Parks Private Limited v. Income Tax Officer

Parties Involved

Facts Summary

The assessee, M/s. CeeDeeYes IT Parks Private Limited, is engaged in the business of flat promotion, construction, and leasing of premises to Information Technology Companies. The assessee filed its income return for the assessment year 2018-19 on 04.10.2018 with a loss of Rs. 3,97,54,277/-. The case was selected for scrutiny due to low income compared to high loans/advances/investments in shares appearing in the balance sheet and a large business loss set off against other heads of income. During the assessment proceedings, the assessee did not file any information called for, and the Assessing Officer completed the assessment with the available details on record. The assessment was completed by disallowing 20% of the expenses claimed by the appellant under the head of Electricity Charges, Brokerage, and Building maintenance and repair by passing an order U/s.143(3) of the Act on 09.04.2021.…

Legal Issues

• 1. Disallowance of 20% of Electricity Charges amounting to Rs.46,70,218/-
• 2. Disallowance of Brokerage and Building maintenance and repair

Judgment Outcome

Decided in favour of Assessee.

Similar Judgements

• Mall Hotel Limited vs. DCIT

  Delhi Bench benchAY 2009-10Partly Allowed

• Deputy Commissioner of Income Tax, Central Circle-1, Noida vs. M/s Advant IT Park Private Ltd.

  Delhi Bench 'A', New Delhi benchAY 2016-17, 2017-18, 2018-19Dismissed

• Apar Lubricant Ltd. vs. DCIT 14(1)(1), Mumbai

  Mumbai Bench benchAY 2009-10Allowed

• Hero Fincop Ltd. Vs. Assistant Commissioner of Income Tax, Circle-11(1)

• Siddharth Fininvest Leasing Pvt. Ltd. vs. Income Tax Officer, Ward-4(1), Kolkata

  Kolkata Bench benchAY 2013-14Allowed

• Windston Springs Private Limited Vs. Dy. Commissioner Of Income Tax-8(3)(2)