2016 (2) TMI 1351

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.... Rama Rao, Accountant Member : This appeal filed by the Revenue is directed against the order of the learned Commissioner of Income-tax (Appeals) V Hyderabad, dated 13th January, 2014 for the assessment year 2010-11. 2. Revenue has raised the following grounds of appeal- "1. The order of the CIT(A) is erroneous both in law and in facts of the case. 2. The CIT(A) erred in holding that the Se....

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.... because of the time frame and downfall in real estate. 6. The CIT(A) ignored the fact that the assessee retained the project of "The Neighbourhood" on 35.42 acres out of the total project of 49.111 acres, (which is a bigger project) in spite of all odds of time frame and downfall in real estate, which is contrary to its claim. 7. The CIT(A) erred in adjudicating the issue that the relinquishm....

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....rought forward losses of Rs.6,15,10,019. While doing so, the Assessing Officer made addition on account of change in the method of recognition of income of Rs.3,36,54,704 and by way of disallowance of expenditure written off of Rs.7,57,24,129 in respect of project called "Neighbourhood Apartments", which were surrendered in favour of M/s. Fortune Constructions Ltd. 4. Being aggrieved by the said ....

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....eting the impugned addition, the Commissioner had not referred to any material brought on record in support of the contention that refund of security deposit of Rs.13 crores by M/s. Fortune Constructions has nothing to do with the expenditure incurred on the project, which is abandoned in favour of M/s. Fortune Constructions Ltd. The CIT(A) had not discussed the circumstances under which the proje....