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2017 (9) TMI 1397 - AT - Income TaxSuppression of income or inflation of expenses - Taxability of income - additional evidence acceptance - Held that:- It is found that in letter dtd.19/11/2007 (Pg.9) of the PB the Director of the assesseecompany had stated that there was no suppression of income or inflation of expenses,that all the income/expenses were genuinely recorded in the books of account and were verifiable, that in that statement it was also explained that the declaration was to cover any error or to cover any future income toward loading of TDR or selling of balance FSI/TDR. At pg.11 of the PB similar assertion has been made in the computation of income. In our opinion,both these papers have to be considered while deciding the issue in right perspective. It is a fact that amounts were due to SC and documentary evidence were made available to FAA. We hold that without considering the same the taxable income of the assessee cannot be determined. The assessee was following a particular method of accounting for the project. Income earned from the project and expenditure incurred for the project for various years have to be taken into consideration before arriving at the final conclusion. The assessee had claimed that it had suffered a loss in the project. It is found that the AO has not offered any comment with regard to the claim of loss. Thus, there are many an aspects of the assessment that have not been dealt with or have not been adjudicated properly. Therefore, we are of the opinion that matter needs further investigation and verification. Before us, representatives of both the sides also agreed that matter could be sent back to the AO. So, we are remitting back the issue to the file of the AO for fresh adjudication. He is directed to consider the additional evidence filed before us before deciding the taxability of the assessee. He would afford a reasonable opportunity of hearing to the assessee Taxability of the amount arising out of the sale of TDR - year of assessment - Held that:- As stated earlier, the assessee had made the disclosure about future sale of TDR/FSI. The AO and the FAA has not given a clear cut finding about taxability of the amount arising out of the sale of TDR etc. It appears that the statements made during survey and the submissions made later on were not considered together. We direct the AO to deliberate upon the issue again and decide the year of taxability after affording a reasonable opportunity of hearing to the assessee. Disallowance u/s.40(a)(ia) - Held that:- It is found that the assessee had made the disclosure to cover the errors and omission in the project completed by it. In the earlier paragraphs,we have restored back entire issue of disclosure to the file of the assessee. We feel that this issue should also be adjudicated afresh by the AO,as it is also connected with the main issue.
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