2021 (9) TMI 1462

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.... ORDER Per Dr. B. R. R. Kumar, Accountant Member: The present appeal has been f i led by the assessee against the order of ld. CIT(A)-5, Delhi dated 08.03.2018. 2. Following grounds have been raised by the assessee: "1. The Ld. CIT(A) has grossly erred on facts as well as in law in confirming the assessment order passed by the Ld. AO which is ex-facie illegal, arbitrary and with....

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....ness of real estate. The return of income was e-filed on 30.09.2013 declaring loss of Rs.2,19,39,670/-. 4. It is a fact on record that the assessee has already capitalized Rs.92.75 crores on account of "capital work in progress" in addition to an amount of Rs.13.69 crores under "preoperative expenses" totaling to Rs.106.44 crores. 5. Further, the assessee company has claimed deduction of Rs.....

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....le. 7. The ld. CIT (A) confirmed the addition holding that computation of income required is to be done in accordance with the Income Tax Act, hence resorting to any Accounting Standard cannot negate the taxability of the assessee. 8. Before us, it was argued by the ld. AR that the assessee has already started business operations, construction is in progress and an amount of Rs.106.44 crores....

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....nd, the ld. DR argued that the assessee is trying to confuse by quoting the Accounting Standard-7, 10 & 16 whereas the fact is that there were no sales reflected in the P&L Account. Hence, the matching concept of income to the expenditure is faltered by the assessee. 10. Heard the arguments of both the parties and perused the material available on record. 11. The project cost in relation to ....