TaxTMI 
TaxTMI 
2020 (11) TMI 605
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....parties, we proceed to hear both the appeals together and to pass a consolidated order for the sake of convenience. 3. First, we shall take the appeal in ITA No.305/PUN/2019, A.Y. 2012-13. 4. The only issue raised in this appeal is as to whether the CIT(A) is correct in restricting the carry forward loss at Rs. 22,69,353/- instead of Rs. 92,79,353/- in the facts the circumstances of the case. 5. Brief facts of the case are that the assessee is a registered partnership firm engaged in the business of sale and purchase of land, purchase of land and construction of building. During the year under consideration, the assessee constructed project "Durga Complex" and other three projects at Kasba Vadgaon in Kolhapur consisting of residential fl....
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....er modes. Further, he held that there was no such material evidence furnished by the assessee or demonstrated in the appellate proceedings as to which caused such gross inadvertent mistake of non-disclosing a huge amount of Rs. 70,00,000/- in the original accounts prepared and filed by the assessee to the revenue authority. Thereby, the CIT(A) upheld the order of AO. 7. Before us, the ld. AR, Shri M.K. Kulkarni submitted that the assessee is ready to demonstrate the evidences regarding the inadvertent mistake caused in not showing the carry forward loss of Rs. 70,00,000/- and prayed to remand the matter to the file of AO for his fresh consideration. 8. The ld. DR, Shri S.P. Walimbe vehemently opposed the arguments of ld. AR. In reply, he ....
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....rs of assessee appeared. The AO examined the said partner on oath which is reproduced at page 6 of the AO's order wherein we note that the assessee explained that due to mistake the opening stock shown at Rs. 60,43,800/- which is incorrect. Further, he stated based on the recasting of the financial statement the assessee shown gross loss at Rs. 26,82,848/- and net loss at Rs. 44,06,604/-. We find that the AO nor the CIT(A) did not look into the financial statements rectifying the mistake showing the opening stock on 01-04-2011. We note that the assessee raised the same before the CIT(A) but however he found that the assessee filed no such materials to demonstrate as to which caused such gross inadvertent mistake of not disclosing a huge amo....