2019 (3) TMI 1105

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....PER SHRI BHAVNESH SAINI, J.M. This appeal by assessee has been directed against the order of Ld.CIT(Appeals)-Muzaffarnagar dated 24/02/2015 for AY 2010-11. 2. Briefly the facts of the case are that the assessee filed return of income declaring Nil income after claiming deductions u/s 80IB(10) of the I.T. Act in a sum of Rs. 6.66 crores. The AO in the assessment order noted that assessee has ....

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.... without examining and giving any finding as to how the income has been arrived." 4. The assessee submitted before Ld. CIT(A) that it is the cardinal principle of taxation that an assessee will be taxed only on its correct taxable income computed according to law. Assessee therefore prayed that additional grounds may be admitted. It was further submitted that in scrutiny assessments for subsequ....

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.... view that the matter requires reconsideration at the level of the Ld. CIT(A). The assessee has raised the above additional grounds contending therein that income may be determined on project completion basis which the AO has accepted in subsequent assessment years. Ld. Counsel for assessee submitted that the AO should only taxed the correct taxable income as per law and relied upon Board Circu....

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....e subsequent orders passed by the AO on percentage basis. It is well settled law though principles of resjudicata do not apply to Income tax proceedings but rule of consistency do apply to the Income tax proceedings. The order of the Ld. CIT(A) is also non speaking on each aspect raised before him. In this view of the matter, we set aside the impugned order and restore the additional grounds of ap....