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2014 (2) TMI 844 - AT - Income TaxConfirmation of net profit - Whether the CIT(A) was justified in confirming the amount of net profit estimated by the AO – Held that:- The year wise expenditure incurred by the assessee shows that the progress made by the assessee in the implementation of the project for the year under consideration was very little - it has incurred expenditure towards the bank liability - The year wise expenditure details substantiate the claim of the assessee that it did not make much progress in the assessment year 2009-10 - there was a valid reason for not offerring income in assessment year 2009-10 - the assessee was justified in not offering any income for the assesment year 2009-10 - The claim of the assessee that it has made considerable progress in subsequent years and it has also offered income in those years requires verification at the end of the assessing officer – the matter remitted back to the AO for fresh adjudication – Decided in favour of Assessee.
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