Assessee Cannot Rebrand Old Hotels to Claim 80ID: ITAT Delhi

Ramesh Bhatia HUF Vs ITO (ITAT Delhi) Delhi Tribunal dealt with the claim of deduction u/s 80ID in respect of hotel business at Agra and a minor loss relating to a Gurgaon property. Assessee had claimed deduction u/s 80ID on the ground of operating a new hotel business under the name Hotel Siris 18, Agra. AO & CIT(A) held that the premises originally housed Hotel Rani Mahal constructed in FY 2007-08, which was closed in October 2008, leased to Assessee, and subsequently purchased in June 2009. Since section 80ID(3) specifically bars deduction where business is formed by transfer of a buil...