2019 (6) TMI 1166

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....or the Appellant Mr. S.R. Mody a/w Ms. Aasifa Khan for the Respondent P.C.: 1. Heard. 2. The appeals are admitted for consideration of following substantial question of law:- "Whether the respondent - assessee fulfills the requirement stipulated in Section 80-IA(4) of the Income Tax Act, 1961 once the conclusion reached is that it is contractor and not developer as stated in t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....anding balance shown in the ledger accounts of the piece workers which remained unchanged through out the year. According to the Assessing Officer, this would show that no work was carried out by these parties. The assessee had shown to have advanced sizable amount to this so called piece workers. The Assessing Officer was of the opinion that this was diversion of assessee's funds which were o....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....f the assessee. No question of law arises in this respect. 6. Learned counsel for the Revenue, however, relied on a decisions of Punjab and Haryana High Court in the case of M/ s. Avon Cycles Ltd., Ludhiana Vs. CIT, Ludhiana & Anr. 2014 SCC Online P&H 15704 and the decision of the Supreme Court in the case of Maxopp Investement Ltd Vs. CIT, New Delhi (2018) 15 SCC 523. In case of M/s. Avon Cycl....