2025 (9) TMI 576

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....i Manish J Shah with Shri Rushin Patel, ARs ORDER PER DR. B.R.R. KUMAR, VICE-PRESIDENT:- This appeal is filed by the Revenue against the appellate order dated 06.03.2004 passed by the Learned Commissioner of Income Tax (Appeals), Ahmedabad, under Section 250 of the Income-tax Act, 1961, relating to the Assessment Year 2014-15. 2. The Revenue has raised the following grounds of appeals:....

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....rn of income is without any corroborative material? 3. The appellant craves leaves to add, modify, amend or alter any grounds of appeal at the time of, or before, the hearing of appeal." 3. The assessee is engaged in the business of Real Estate Development and Constructions of residential/commercial complexes. The total turnover of the assessee was Rs. 4.11 crores and other income of R....

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....me partners * Total amount of Rs. 25.52 crores has been disclosed by Shri Nikhil Gajjar and N.G. Patel during the survey which includes disclosure of Rs. 2.72 crores on account of the assessee firm which is one among 11 other firms. * The disclosure in all other firms has been duly honoured and taxes have been paid by the respective firms. * The reason for retraction in ....

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.... project undertaken by the assessee consists of 12 towers, consisting of 146 one BHK flats and 84 two BHK flats and 5 HK flats - a total of 235 flats. As on the date of survey, the assessee-firm has booked 34 - one BHK flats costing Rs. 9.5 lakhs each, and 21 - two BHK flats - costing Rs. 14.51 lakhs each. The Ld. CIT(A) held that only 14.81% of the work has been completed in the present project, ....