2010 (4) TMI 853

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.... 2007, passed by the learned Commissioner (Appeals) - XXIX, Mumbai, on the following grounds:- (i) On the facts and in the circumstances of the case and in law, the learned CIT(A) erred in directing the A.O. to workout the profit on the additional amount of Rs.77,25,300/- received during the year only as against entire advances without appreciating the facts brought out by the A.O. on the record ....

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.... so, the Assessing Officer claimed to have followed by Tribunal's decision in the case of Champion Construction Co. Vs ITO, 5 ITD 495. Aggrieved, assessee carried the matter in appeal before the learned CIT(A) but without complete success. While the learned CIT(A) upheld the action of the Assessing Officer in principle, he held that only 12% of receipts during the year and not entire receipt of th....

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....he absence of any information regarding exact percentage of work completed, the additional amount received from customer during the year can provide basis for working out the profit during the year. It is seen from the balance sheet that advances from customers as on 31.03.2002, was Rs.2,02,24,970/- and as on 31.03.2003, it was Rs.2,79,50,270/-. Therefore, the additional amount received during the....