TaxTMI 
TaxTMI 
2014 (4) TMI 105
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....bsence of the assessee or his AR. 3. The department has taken the following grounds of appeal: 1. On the facts and circumstances of the case and in law, the Ld CIT(A) erred in accepting the income from house property at Rs.(-)1,50,000/- on the basis of details furnished during appellate proceedings. 2. On the facts and circumstances of the case and in law, the Ld CIT(A) erred in allowing deduction U/s.80C of the Act of Rs.1,00,000/- relating to repayment of housing loan on the basis of details furnished during appellate proceedings. 3. On the facts and circumstances of the case and in law, the Ld CIT(A) erred in directing the AD. to modify the turnover of the assessee even though the issue was not ....
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.... and confronting the same to the assessee. The CIT(A) shall then take a view on the issues, mentioned in grounds no. 1 & 2. 7. Grounds no. 1 & 2 are thus allowed. 8. Grounds no. 3 & 4 pertain to the computation of gross profit on turnover. 9. The facts are that the assessee is in construction business and in its profit & loss account, he had shown the total turnover at Rs.2,67,43,643/-. 10. In the assessment stage, the AO, proceeding exparte, took the turnover at Rs. 2,42,75,433/- on which he estimated the profit @ 8%, which came at Rs.19,42,035/- and separately added Rs.24,68,210/- as the extra work done and added the same in the computation. 11. Before the CIT(A), the assessee submitted that the assessee had shown its turnover at Rs.....
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....om these audited accounts, the assessee was able to explain to the CIT(A), that the turnover has to be taken at Rs.2,67,43,643/- and not Rs.2,42,75,433/- on which profit is to be estimated and Rs.21,39,490/-, and nothing has to be considered separately. Since the income has to be estimated on turnover, we are of the opinion, that the CIT(A) has correctly adopted the figure of Rs.2,67,43,643/- and estimated the income @ 8% on this figure, because, Rs.24,68,210/- was nothing but part & parcel of the turnover of the business activity. 16. We, therefore, find no reason to disturb the finding of the CIT(A) which we sustain. 17. Grounds no. 3 & 4 are thus rejected. 18. Ground no. 5 pertains to the contravention of Rule 46A of the IT Rules. 19....
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....loss Rs.24,68,210/- as separate income whereas the same is receipt arising from the construction activity done in regular business and has been charged for extra work done on behalf of buyer of flats at Panchavati Co-op housing society limited. In the profit and loss account the amount received under the head extra work shown is related to construction activity only. In support of the same we have already submitted certified copy of audited report along with profit and loss account. c. In support of claim for house property we are hereby enclosing housing loan statement showing details of interest and principal". 24. Grounds 1(a) and 1(c) pertain to disallowance of deduction u/s 80C. The issue has been dealt with by us in ITA....