ORDER

PER MANISH AGARWAL, AM :

These are cross-appeals filed by the assessee and the Revenue against the order of Ld.CIT(A), Delhi-31 in Appeal No.1136/22-23 dated 07.08.2023 arising out of assessment order dated 08.05.2019 passed u/s 143(3) of the Income Tax Act, 1961 (“the Act”) for AY 2011-12.

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2. Brief facts of the case are that the assessee is a company earlier known as “Indus Infratel Ltd.” and its name was changed to “Indus Towers Ltd.” on 28.03.2008. The assessee is formed as a joint venture amongst Bharti Infratel, Vodafone Essar Ltd. and Aditya Birla Telecom Ltd. with main object of sharing telecom infrastructure amongst various telecom service providers and carry out the business of establishing, operating, maintaining and managing wireless communication towers/antenna sites. The detailed facts as summarized by Ld. CIT(A) in para 3 of its order are as under:-

3. Factual Background

3.1 “The brief facts of the case are that for the year under consideration, the Company was a public limited Company and a joint venture between Bharti Infratel Limited ["BIL", representative of Bharti Group and subsidiary of Bharti Airtel Limited ("BAL")], Vodafone Essar Limited "VEL", represen