2012 (3) TMI 684

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....and law. (2) On the facts and in the circumstances of the case and in law, the Ld. Commissioner of Income Tax (Appeals) has erred in restricting the addition of Rs. 21,55,000/- to Rs. 1,07,250/- i.e. 0.5% as against 10% made by the Assessing Officer on the gross receipt. (2.1) The Ld. Commissioner of Income Tax (Appeals) ignored the fact that the assessee did not file any evidence in support of the expenses claimed in profit and loss account and the fact that the books of account were correctly rejected by the Assessing Officer u/s. 145(3) of the IT Act. (3) The appellant craves leave to add, to alter, or amend any grounds of the appeal raised above at the time of the hearing." 3. Briefly stated the facts of th....

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....d in the case of the assessee company. I have also perused the orders of the Ld. Commissioner of Income Tax (Appeals) and the Tribunal referred to above. I find that the appeals of the Revenue have been dismissed in the cases of M/s Rishikesh Buildcon Pvt. Ltd. and M/s Rupa Promoters Ltd for assessment year 2006-07. However in the case of M/s Rishikhesh Properties Pvt. Ltd. it is seen that the disallowance of Rs. 34,00,000/- (8% of Rs. 4,25,00,000) made by the Assessing Officer out of expenses in assessment year 2006-07 was reduced to 0.5% by Ld. Commissioner of Income Tax (Appeals). Against the said order the Ld. Commissioner of Income Tax (Appeals) the department preferred appeal before ITAT who in ITA No. 2061/D/2009 vide their order dat....