2018 (2) TMI 2093

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... PER AMARJIT SINGH, ACCOUNTANT MEMBER: In this case return of income on declaring income of Rs. 400 82,629/- was filed on 29.09.2011. Subsequently the case was selected under scrutiny assessment by issuing notice u/s. 143(2) of the Act on 06.08.2012. 2. The assessee company was engaged in the business of Real Estate Developer and Builder. During the course of assessment proceedings the A.O.....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... appeal against the order of A.O. for A.Y. 2009-10 the Ld. CIT(A) has held that out of the claim of expenses of the assessee an amount of Rs. 82,60,000/- had been incurred on purchasing land for V-69 scheme. The Ld. CIT(A) has further stated that onmoney spent on purchasing of this land named V-69 scheme will increase the work in progress of the closing stock of the project, therefore, the claim o....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....r A.Y. 2009-10. 6. On the other hand the Ld. D.R. supported the order of Ld. CIT(A). 7. We have heard both the side and perused the material available on record carefully. We observe that the Ld. CIT(A) has not allowed the claim of on money paid for purchase for the project V-69 scheme for the assessment year 2009-10 since the project has not been started during the A.Y. 2009-10 and stated t....