IN THE HIGH COURT OF DELHI AT NEW DELHI 
 . 
 03.01.2011 
.
.
 Present:        Ms. Prem Lata Bansal, Sr. Standing Counsel for the 
 appellant/Department. 
 Mr. Prakash Kumar, Advocate for the respondent assessee. 
.
 + ITA 2084/2010 
.
 After hearing the counsel for the parties, we admit the appeal on the 
 following substantial questions of law:- 
 ?(i)       Whether   the ITAT was correct in law in deleting the addition 
 of Rs 54 lac made by the Assessing Officer on account of interest free deposits 
 received by the assessee from shops? 
.
 (ii)       Whether the ITAT was correct in law in holding that the 
 interest free deposits refundable on termination of lease to the allottees/sub- 
 licensees by the assessee was not the revenue receipt and therefore, not 
 taxable? 
.
 (iii)       Whether ITAT was correct in law in allowing depreciation to 
 the assessee in r/o WTC and WTT Building u/s 32 of the Act? 
.
 (iv)       Whether the ITAT was correct in law in allowing depreciation 
 to the assessee u/s 32 of the Act ignoring the material fact that assessee was 
 not the owner of WTC and WTT building? 
.
 (v)       Whether ITAT was correct in law in deleting the addition of Rs. 
 88,00,000/- made by the Assessing Officer as deemed dividend u/s 2 (22) (e) of 
 the Act? 
.
 (vi)       Whether the ITAT was correct in law in allowing deduction of 
 Rs. 3,48,592/- and Rs. 1,83,72,557/- claimed by the assessee as 
 expenses/interest incurred in relation to construction of new/various projects 
 treating the same as revenue expenditure? 
.
 (vii)       Whether ITAT was correct in law in allowing interest to the 
 assessee without considering the provisions of Explanation 8 to Section 43 (1) 
 of the Act?? 
.
 We may point out that in so far as proposed question of law ?(h)? is 
 concerned, that is covered against the Revenue by a judgment of this Court in 
 Commissioner of Income-Tax  Vs. Aimil Ltd., 188 Taxman 265. 
 Likewise, question no.?(k)? proposed by the Revenue, the same stands 
 decided against the Revenue in ITA 107/2008  on 11th August, 2008. 
 Filing of paper book dispensed with. 
 To be heard alongwith ITA 271/2005 and other connected matters. 
.
 A.K. SIKRI, J. 
.
 M.L. MEHTA, J. 
.
.
 JANUARY 3, 2011 
 skb 
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