2017 (1) TMI 1587

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....cle-1, Durgapur u/s 143(3)/147 of the Income tax Act, 1961 (hereinafter referred to as the 'Act ') vide his order dated 29.12.2011 and 31.03.2014. First we take up ITA No.1328/Kol/2012 for A.Y.09-10. 2. First we take up ground No.2 raised by the assessee reads as under :- "2. That the learned CIT (Appeals) erred in arbitrarily and wrongly alleging and/or holding that the submissions made by the Appellate Assessee Authority regarding Land Acquisitions & Development Cost of Rs. 16,28,41, 146/ -, which relates to expenditure incurred in the relevant financial year against which relatable revenue has already been recognized as income and no part of such expenditure relate to any portion of Income/Gains that accrued or recognized as revenue ....

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....rd the rival contentions of the parties and perused materials available on record. At the outset, we find that similar facts and circumstances and in the case of the assessee the Co-ordinate Bench of this Tribunal has restored the matter back to the file of AO for fresh adjudication. The relevant extract of the order in ITA's No. 1195,1996 and 1197/Kol/2007 is extracted below : "8. We have heard the rival sub missions and perused the material available on record. We find that the Assessing Officer has relied on the decision of the Hon'ble Supreme Court in the case of Adityapur Industrial Area Development Authority - vs.- Union of India reported in (2006) 283 ITR 97 (SC) observing that the circumstances were similar as in the present ca....