Just a moment...

Top
FeedbackReport
×

By creating an account you can:

Logo TaxTMI
>
Feedback/Report an Error
Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters0/2000
TMI Blog
Home / RSS

2018 (8) TMI 762

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....reframed questions of law, for our consideration:   "(a) Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in deleting the addition of Rs. 2,48,03,984/on the account of alleged unaccounted cash receipt to the income of the assessee for the relevant Assessment Year? (b) Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in deleting the addition of Rs. 1,23,64,632/(net) to the income of the Assessee by accepting the project completion method of accounting regularly followed by the Assessee?" 3. The Respondent-Assessee is engaged in executing the contracts for interior decoration. The Respondent-Assessee has, inter alia, executed the work of in....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....d the project completion date are inter related and deleted the addition made by the Assessing Officer in both the counts. 6. Being aggrieved, the Revenue is in appeal, seeking admission of this appeal. 7. Re: Question (a): (i) The impugned order of the Tribunal holds that the entire basis of seeking to add an amount of Rs. 2.48 Crores for the subject Assessment Year arises out of Fund Flow Statement (FFS) found during the search at the residence of Mr. Suresh Nanda. The impugned order records the fact that the FFS gave details of payments made up to 22nd December, 2005 and as per the statement, an amount of Rs. 3.72 Crores was paid to the Respondent-Assessee till that date. The Respondent-Assessee, out of the above amounts of Rs. 3.72 C....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....r 2006-07 against the Respondent-Assesssee. (v) Moreover, as rightly held by the Tribunal, the FFS is being partly relied upon by the Revenue. This, is not permissible.   (vi) In the aforesaid finding of fact, the question as proposed does not give rise to any substantial question of law. Thus, not entertained.   8. Re: Question (b): (i) The Respondent-Assessee has admittedly offered to tax an amount of Rs. 1.23 Crores during the Assessment Year 2008-09. This, on the basis of the project completion method as followed by it viz: the final bill was prepared in April, 2007. The Assessing Officer rejected the Books of Account and proceeds to hold that the entire project was completed in the previous year relevant to subject Asses....