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2014 (5) TMI 479 - ITAT MUMBAIQuantum of income – construction activity - working of the profit computed at the time of the survey towards (a) Opening WIP (b) total saleable area (c) Average cost of construction - Held that:- It is only the income for the entire year and not that for a part of the year or a truncated period thereof, that could be subject to tax as the income for the relevant assessment year, and which therefore has to be for the full year - the assessee having not furnished any explanation/s substantiating its claims during the assessment proceedings - there is no case for the deletion of the entire addition as made in assessment - there being no finding regarding the income for the second half of the year, more particularly considering that the construction cost had crystallized, and which would therefore obtain for the second half of the year as well, during which there has been economic activity by way of sales – This would become much more apparent and striking in view of the glaring and vast unexplained differences between the results obtaining for the two parts - the matter is factually indeterminate, it would be fit and proper that the issue of determination of income for the year is set aside to the file of the AO for fresh adjudication – Decided in favour of Revenue.
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