2016 (2) TMI 1351

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.... Respondent : None ORDER Per Inturi 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....

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....opment of project of "Neighbourhood Apartments" in 13.25 acres was relinquished 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 contr....

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....e-tax, Central Circle 2, Hyderabad determining the total income at Rs.8,22,43,220, after setting off brought 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"....

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....ction of the CIT(A) deleting addition of Rs.7,57,24,129. We find from the order of the CIT(A) that while deleting 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 fa....