2013 (5) TMI 527

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....ted 17.02.2010. 2. The assessee has summarized grounds of appeal. The first summarized ground is against no decision given by the learned CIT(A) on the ground of disallowance of interest amounting to Rs.31,872. The Assessing Officer has discussed this issue on page 4 para 6 of the assessment order by simply mentioning. "Details of establishment expenses claimed by the assessee includes Rs.31,872 paid towards interest. There is no evidence filed by the assessee in this regard, hence the same is disallowed". The assessee assailed this disallowance before the learned CIT(A), who failed to decide the issue in the impugned order. In our considered opinion the ends of justice would meet adequately if the impugned order on this score is set asi....

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.... record. It is noticed as an undisputed fact that the assessee was following percentage completion method for showing income from these two projects. For the year in question the assessee showed completion of 31.65% and accordingly offered the amount for taxation. This procedure continued in the subsequent years as well. For the assessment year 2001-2002 the assessee showed 45% completion; 65% completion for the assessment year 2002-2003; 80% completion for the assessment year 2003-2004, and 100% completion for the assessment year 2004-2005. The assessment for assessment year 2003-2004 was taken up for scrutiny by the A.O. u/s 143(3) of the Act for which the assessee had filed return declaring total income of Rs.10,812. Construction, Profit....

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....d not include 100% in respect of these five flats. At the same time, it is also noticed that closing work in progress also includes the amounts in respect of these flats. In other words, the amount of work in progress in respect of these five flats at the rate of 31.65% was included in the overall 31.65% of WIP, which the assessee offered for taxation, after deduction of expenses. With the making of separate addition by the AO at the rate of 15% profit on 100% of the amount in respect of these flats, some part of these amounts got doubly included, once, when the assessee voluntarily offered at 31.65% of the total WIP and secondly when the AO brought to tax the profit on 100% in respect of receipts from these flat owners. Since the proceedin....