2015 (10) TMI 88

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.... the Respondent : Mr Gajendra Maheshwari and Ms Swati Thapa, Advs ORDER CM No. 17283/2015 (for condonation of delay in re-filing the appeal 1. For the reasons stated in the application, the delay in re-filing the appeal is condoned. 2. The application is disposed of. ITA No. 667/2015 3. This appeal by the Revenue under Section 260A (1) is directed against the order dated 18th Jul....

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....ts Director Mr. S.D. Bansal had booked a flat for a booking amount of Rs. 15 lakhs. It was submitted that instead of showing that transaction in the accounts of the company, the entry for the purchase of the entire flat was made by debiting the books of accounts for the said sum of Rs. 69,05,250 giving a credit effect to builder Nitishree for Rs. 33,34,250 and to Mr. Bansal for Rs. 35,71,000. The ....

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.... CIT (A) upheld the above order and the Assessee went in appeal before the ITAT. In the impugned order, the ITAT has noted that there was one vital fact overlooked by the AO as well as the CIT (A) which was that "the above said entry has really no effect on the profits of the company as the assessee had not made any sales during the year and all the purchases including that of purchase of flat mad....