TMI Blog2015 (10) TMI 88X X X X Extracts X X X X X X X X Extracts X X X X ..... r and all the purchases including that of purchase of flat made during the year has been taken into closing stock which is apparent from the paper book page 7 and 43. When there is no effect on the profitability of the assessee, the confirmation of the addition by Ld. CIT(A) is not justified as there is no loss to the revenue as the effect of including the same amount in the purchases as well as i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 667/2015 3. This appeal by the Revenue under Section 260A (1) is directed against the order dated 18th July 2014 passed by the Income Tax Appellate Tribunal ('ITAT') in ITA No. 1255/Del/2009 for the Assessment Year ('AY') 2005-06. 4. The question sought to be projected by the Revenue is whether the ITAT was justified in deleting the addition made by the Assessing Officer (& ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... um of ₹ 69,05,250 giving a credit effect to builder Nitishree for ₹ 33,34,250 and to Mr. Bansal for ₹ 35,71,000. The Assessee sought to explain that for the next AY when the accounts were reconciled the mistake was realised and the entry was reversed. The purchase price of the flat was shown as closing stock for the year ending 31st March 2005. The Assessee also gave details of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... profits of the company as the assessee had not made any sales during the year and all the purchases including that of purchase of flat made during the year has been taken into closing stock which is apparent from the paper book page 7 and 43. When there is no effect on the profitability of the assessee, the confirmation of the addition by Ld. CIT(A) is not justified as there is no loss to the rev ..... X X X X Extracts X X X X X X X X Extracts X X X X
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