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DELHI HIGH COURT
MANMOHAN, DINESH KUMAR SHARMA
Pr. Commissioner of Income Tax – Appellant
Versus
Power Links Transmission Ltd. – Respondent
| Table of Content |
|---|
| 1. filing of appeals against prior orders. (Para 1) |
| 2. challenges on interest expenditure and precedent values. (Para 2 , 3) |
| 3. previous decisions affecting current assessments. (Para 4) |
| 4. principles of res judicata in taxation. (Para 5 , 6) |
| 5. court’s emphasis on consistency in tax law. (Para 7) |
| 6. final decision on the appeals with no legal question. (Para 8) |
JUDGMENT
Manmohan, J. (Oral)--Present appeals have been filed challenging the orders dated 02nd March, 2021 passed in ITA 5965/DEL/2017 and ITA 5966/DEL/2017 for the Assessment Years 2013-14 and 2014-15 respectively.
2. Learned counsel for the Appellant-Revenue states that the ITAT has erred in deleting the addition of Rs.5,64,73,054/- made by the Assessing Officer under Section 36(1)(iii) of the Income Tax Act, 1961 (hereinafter referred to as the `Act') on account of disallowance of interest expenditure. He states that the ITAT has failed to appreciate that the assessing company had used the borrowed funds for non-business purposes. He states that the Company earned interest income at an average rate of 7.6% while on loans the assessee company paid interest at an average rate of 12.1%. He contends that liabili
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