2019 (3) TMI 1114

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.... ORDER PER H.S. SIDHU : JM The Revenue has filed this Appeal against the impugned Order of the Ld. CIT(A)-4, New Delhi relevant to assessment year 2012-13. 2. The grounds raised in the appeal read as under:- i) The CIT(A) has erred in allowing the appeal of assessee as the base of valuation report of an architect inquiry the finding of AO that too remanding back the matter. ....

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....ess as builders and property developers. The AO against the returned loss of Rs. 64,65,667/- has assessed the income of assessee at Rs. 8,11,12,730/-, after making disallowance of expenses of Rs. 16,53,396/- and Profit as per percentage of completion method (AS-7 of ICAI) amounting to Rs. 8,59,25,000/- vide his order dated 05.03.2015 passed u/s. 143(3) of the Income Tax Act, 1961. Against the a....

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....notice again and again to the assessee, therefore, we are deciding the present appeal exparte qua assessee, after hearing the Ld. DR and perusing the records. 6. We have heard the Ld. DR and perused the records, especially the impugned order. With regard to addition of Rs. 8,59,25,000/- is concerned, we find that the main issue is with reference to the estimated cost of project and consequentia....

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.... The assessee could sell only 44% of the total project area and the assessee had entered into individual contracts with the buyers which are legally enforceable. The significant performance w.r.t. the remaining component of the project is pending and the revenue in respect of such individual contract cannot be recognized until the remaining components are completed. After considering the estimated....