2012 (12) TMI 1028

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.... For the Respondent : Ved Jain (CA) ORDER Joginder Singh (Judicial Member) The Revenue is aggrieved by the impugned order dated 6 th February, 2012 passed by the learned first appellate authority, Delhi. The only ground argued by Mrs.Sushma Singh, learned CIT-DR is that on the facts and in the circumstances and in law, the learned CIT(A) erred in deleting the disallowance of Rs. 38,40,....

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....by the assessee during the relevant period and at the appropriate stage, when claim will be made by the assessee , the department is free to decide as per law. 2. We have considered the rival submissions and perused the material available on record. The facts in brief are that the assessee company gave advances for purchase of agricultural land in District Panchkula amounting to Rs. 9,44,87,748....

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....mined the audit report for FY 2006-07 alongwith the balance sheet as on 31.3.2007 with its schedules and the profit & loss account and it was found from the same that the amount of Rs. 9,44,87,748/- was shown as loans and advances in Schedule-II under the head "current assets, loans and advances" and there was no stock in trade either appearing in the balance sheet or profit and loss account as on....