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2015 (10) TMI 1402 - ITAT MUMBAIRevision u/s 263 - liability payable to the sub-contractors (customer) represents profit of the assessee - Held that:- We notice that the learned Commissioner of Income-tax has considered the balance- sheet of the assessee and has come to the conclusion that the assessee has raised a bill of ₹ 48.05 crores and has incurred the work-in-progress expenditure of ₹ 47.59 crores. Whereas, the assessee has demonstrated before us that the amount of ₹ 48.05 crores is the bill amounts raised by its customers against the assessee. The assessee has deducted the value of work-in-progress from the abovesaid amount, instead of showing the same in the assets side of the balance-sheet. If the assessee had shown the work-in-progress amount in the asset side of the balance-sheet, then the matter would have been more clear. Thus, we notice that there is a conceptual misunderstanding on the part of the learned Commissioner of Income-tax about the facts prevailing in this case. When the learned Commissioner of Income-tax proceeds on erroneous line on misunderstood facts and accordingly passes the revision order, in our view, the same cannot be sustained. - Decided in favour of assessee.
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