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TMI Blog2015 (10) TMI 1864X X X X Extracts X X X X X X X X Extracts X X X X ..... de the appeal on merits qua assessee-appellant. 3. Brief facts of the case are that the assessee had filed return declaring a loss of Rs. Nil . The Assessing Officer has observed that this case belongs to ABW Group where survey u/s 133A was conducted on 29th December 2008. He noted from the profit and loss account that assessee had shown gross receipts of Rs. 4,74,179/-, the details of which were as under, as per schedule L of the balance sheet. Miscellaneous Income Rs. 4,74,000/- Short & access Rs. 178/- Rs. 4,74,178/- 4. From these details he concluded that there was no business income. He referred to following decisions to conclude that since no business was carried out by the assesses during the year, the question ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Chowk, Gurgaon during the year under consideration. A sum of Rs. 293.76 lakhs was incurred on it under different head of construction during the year under consideration and was added to the inventories (project under construction) which were carried over to next year (s) and total value of inventories carried over as such was Rs. 1151.82 lakhs as on 31st March 2009. (c) The expenses directly related to project were debited under construction by assessee company as per its accounting policies which have been consistently followed and office remuneration and ROC filing fee were claimed as expenses in the profit and loss account being administrative expenses and not directly related to the firm. It was further submitted that such expenses w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arious case laws. 5. Ld. CIT(A) summarily dismissed the assessee's appeal inter alia, observing that assessee had no business activity during the year. I have considered the submissions of Ld. DR. The submissions made by assessee before the Ld. CIT(A) inter alia, regarding "Corporate suit" at IFFCO Chowk under construction was valued at the year end at Rs. 1151.02 has not been controverted by the Department. All the expenses directly attributable to the project were charged to the construction work in progress account and only those administrative expenses which were necessary for maintenance of basic infrastructure of the company, were claimed by assessee in profit and loss account. Under such circumstances, I fail to understand as to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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