SUNIL AMBWANI, ADITYA NATH MITTAL, J. - (1.) WE have heard Shri Dhananjay Awasthi, learned counsel appearing for the appellant. Shri S.R. Patnaik, Ms. Akansha Agarwal, and Shri Ashish Agrawal appear for the respondent -assessee.
(2.) THE Commissioner of Income Tax, Ghaziabad has filed this Income -tax Appeal under Section 260 -A of the Income Tax Act, 1961 against the judgment and order dated 20.4.2009 passed by Income Tax Appellate Tribunal, Delhi Bench 'E', New Delhi in ITA No. 1683 & 2864/Del/06 for assessment year 2002 -03 on the questions of law for consideration by this Court: - "(1) Whether the Hon'ble ITAT is justified in holding that the amount of expense of Rs. 1, 18, 01, 923/ - incurred on account of take out assistance fee as revenue expenditure when the same is related to fixed capital of the assessee. (2) Whether the ITAT correctly interpreted the language of 37 (1) in deleting the addition made by the AO." The assessee -company is engaged in the business of development to establish, construct, operate and maintain a bridge across the river Yamuna connecting Delhi and Noida under the "Build -own -operate -transfer" (BOOT) basis. The Delhi -Noida Link Bridge comprises and includes adjoining roads and other related facilities and the Ashram fly over which has been constructed at the landfall of the Delhi -Noida link bridge.
(3.) A return declaring a loss of Rs. 73, 33, 64, 020/ - was filed by respondent -assessee on 30.10.2002. It was processed under Section 143 (1) on 25.2.2003. The case was considered for scrutiny by issuing notice under Section 143 (2) of the Income Tax Act, 1961 (the Act) dated 29.10.2003. The notice along with a questionnaire was issued to the assessee on 2.12.2004, in response to which the Chartered Accountant of the assessee attended the proceedings and filed necessary details.;