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2016 (2) TMI 1351 - AT - Income TaxSecurity Deposit of expenditure on development - expenditure the assessee incurred towards "Neighbourhood Apartments" - HELD THAT:- Commissioner had not referred to any material brought on record in support of the contention that refund of security deposit of Rs.13 crores by M/s. Fortune Constructions has nothing to do with the expenditure incurred on the project, which is abandoned in favour of M/s. Fortune Constructions Ltd. CIT(A) had not discussed the circumstances under which the project was abandoned in favour of the said company. CIT(A) also failed to examine whether the refund of deposit of Rs.13 crores had anything to do with the expenditure incurred. Without discussing any material, he simply accepted the written submissions filed by the respondent-assessee before him, which amounts to total non-application of mind, and therefore, fails to fulfil the requirements of a reasoned/speaking order. We are of the considered opinion that interests of justice would be met, if the matter is restored to the file of the CIT(A) for de novo disposal of the appeal in accordance with law.
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