2015 (10) TMI 1864

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.... the assessee. I, therefore, proceed to decide the appeal on merits qua assessee-appellant. 3. Brief facts of the case are that the assessee had filed return declaring a loss of Rs. Nil . The Assessing Officer has observed that this case belongs to ABW Group where survey u/s 133A was conducted on 29th December 2008. He noted from the profit and loss account that assessee had shown gross receipts of Rs. 4,74,179/-, the details of which were as under, as per schedule L of the balance sheet. Miscellaneous Income Rs. 4,74,000/- Short & access Rs. 178/-   Rs. 4,74,178/-   4. From these details he concluded that there was no business income. He referred to following decisions to conclude that since no business....

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....rastructure. Further its commercial project "Corporate suit" was under construction at IFFCO Chowk, Gurgaon during the year under consideration. A sum of Rs. 293.76 lakhs was incurred on it under different head of construction during the year under consideration and was added to the inventories (project under construction) which were carried over to next year (s) and total value of inventories carried over as such was Rs. 1151.82 lakhs as on 31st March 2009. (c) The expenses directly related to project were debited under construction by assessee company as per its accounting policies which have been consistently followed and office remuneration and ROC filing fee were claimed as expenses in the profit and loss account being administrativ....