2019 (12) TMI 600

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....nts Pvt. Ltd. (hereinafter referred to as the 'assessee') by filing the present appeal being ITA No.1686/Del/2012, sought to set aside the impugned order dated 27.01.2012 passed by the Commissioner of Income-tax (Appeals)-I, New Delhi qua the assessment year 2006-07 on the grounds inter alia that:- "Ground No.1: The Ld. Commissioner of Income Tax (Appeals) -1, New Delhi (hereinafter referred to as 'CIT(A)') has erred in law and in the fact & circumstances of the case by passing the order dated 27.01.2012 u/s 250 of the Income Tax Act, 1961 (hereinafter referred to as 'The Act'). The order passed by the CIT(A) is illegal being against the principles of natural justice and against the provisions of the Act. Ground No.....

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....es as recoveries from the purchase of total amount shown under the head construction work-in-progress as per following details :-   Amount (Rs. in lacs) Opening stock as on 01.04.2006 (commercial complex at Jaipur) Land Cost at Shikhopur (Gurgaon) 1,231.71 26.85 Add :   Land Purchased at Ullawas, Gurgaon Land purchased at Behrampur, Gurgaon Subsequently exchanged in lieu of land at Village Tigra, Maidawas, Gurgaon 735.61 477.84 Construction cost incurred at commercial complex at Jaipur 751.65   3,223.66 Less : Sale consideration for land at Ullawas at Gurgaon 1,266.00 Total 1,957.34 4. Finding the details given by the assessee as to its integrated project as not sustainable on facts and law, Ass....

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.... issue before the AO to be decided was, "as to whether the project at Gurgaon is an extension of Metropolitan project at Jaipur" and this question was decided by the AO in negative and taxed the profits of the sale of land whereas the assessee has reduced the sale consideration of land from work-inprogress and has not offered the profits for taxation. 9. When we examine the contention raised by the ld. AR for the assessee that the evidence brought on record by the assessee that Jumera Residential Block at Gurgaon was part of the integrated project has not been appreciated by the AO as well as ld. CIT (A) particularly the findings returned by the ld. CIT (A) in the impugned order on the issue in question, in para 4.2, it is apparent on rec....