2018 (6) TMI 451

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....truction of residential buildings. In the year 2013, the Respondent-Assessee filed return of income for the year 2012-13, declaring a total income of Rs. 7748250/-. The case was selected for scrutiny by the Assessing Officer and a notice was issued on 6 August 2013 under Section 143(2) of the Income Tax Act. Another notice was given in view of the change of the Assessing Officer. The assessment under Section 143(3) was finalised, determining the total income at Rs. 24027928/-, after making addition of Rs. 15927795/-since interest expenditure was included in closing of work in progress and addition of Rs. 351883/- was made in respect of sponsorship expenses to the returned income. The Assessing Officer, accordingly, passed an order on 27 Mar....

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.... was taken for working capital requirement cannot be directly attributed to the work in progress, is incorrect. Mr. Kulkarni, the learned Counsel for the Respondent-Assesses submitted that the question raised is a question of fact and no question of law arises. 7. We have gone through the orders passed by the Assessing Officer, the Commissioner (Appeals) and the Tribunal. The Tribunal and the Commissioner (Appeals) had, after considering the material before them, found that no additions were made in the work in progress, which fact was not controverted by the Departmental Representative and rather it was conceded by the Departmental Representative. The Tribunal observed that the Revenue did not controvert the contention of the Respondent....