TaxTMI 
TaxTMI 
2021 (1) TMI 951
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....ocumentary evidence like stamp papers, registration documents was produced to show that the assessee company having legal ownership of the land as envisage under the Transfer of Property Act and claimed expenditure towards cost of land. 2. Whether the CIT(A) was right in allowing relief to the assessee when the assessee has not produced corroborative evidences like confirmation letter from the seller, bank pass book etc. 3. The decision of the CIT(A) in reducing the cost from the closing work is not acceptable as the CIT(A) has not gone into the merits of the case. 4. The appellant prays to be allowed to add vary and amend the grounds of appeal at or before the date of hearing." 2. The brief facts of the case a....
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.... 2002-03 amounting to Rs. 80 lakhs only. The assessee submitted that there was no income generated during the assessment year 2002-03 as project was under progress. That thereafter, the Ld. CIT(Appeals) analyzed the facts and circumstances in this case and relying on the decision of the Mumbai Bench of the Tribunal in the case of Savala Associates Vs. ITO in ITA No. 4441/M/2008 dated 27.10.2009 has observed and held that the assessee was maintaining 'completed method' of accounting and it is also fact that no income was recognized during the previous year relevant to the assessment year under consideration. During the previous year relevant to the assessment year under consideration, work in progress disclosed in the profit and loss....
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....oviso of Rule 29 of the Income Tax (Appellate Tribunal) Rules, 1963, the Hon'ble High Court was satisfied that substantial question of law was involved in this matter and hence, the matter was admitted. 6. That before the Hon'ble High Court, Ld. Standing Counsel for the Revenue had submitted that the documents which the assessee sought to be admitted before the Income Tax Appellate Tribunal, they were very much available at the stage of assessment. That, however, same were not produced before the Assessing Authority. The Ld. Counsel further submitted that all this casts a doubt upon such evidences. The Ld. Counsel also submitted that application made by the assessee does not satisfy the predicates of Rule 29 of the Income Tax (Ap....
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....he impugned judgment and order of the Income Tax Appellate Tribunal was required to be set aside and the matter was remanded to the Income Tax Appellate Tribunal for consideration of the assessee/appellant's application seeking leave to produce additional evidences. In this back ground, the Hon'ble High Court has held as follows: "11. Accordingly, without going into the merits of the main matter or without even going in the merits of the application made by the appellant seeking leave to produce additional evidence at the appellate stage, we, for the aforesaid reasons, set aside the impugned judgment and order by the ITAT and remand the ITA No. 03/PNJ/2011 to the file of ITAT, Panaji for fresh adjudication. We direct that t....