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2015 (10) TMI 1864 - ITAT DELHI

2015 (10) TMI 1864 - ITAT DELHI - TMI - Disallowance of office rent along with audit fees and filing fee - whether no business activity during the year? - Held that:- 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 ₹ 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 an .....

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irect the Assessing Officer to allow the office rent also along with audit fees and filing fee and compute the income accordingly. - Decided in favour of assessee. - ITA No. 739/Del/2014 - Dated:- 23-6-2015 - S. V. Mehrotra, AM,J. For the Appellant : None For the Respondent : Sh Robin Rawal, JCIT ORDER Per: S V Mehrotra, AM This is an appeal filed by the assessee against the order of CIT(A) XII, New Delhi dated 4th November 2013 in Appeal No. 384/2013-14 for Assessment Year 2009-10. 2. Notice wa .....

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on 29th December 2008. He noted from the profit and loss account that assessee had shown gross receipts of ₹ 4,74,179/-, the details of which were as under, as per schedule L of the balance sheet. Miscellaneous Income ₹ 4,74,000/- Short & access ₹ 178/- ₹ 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 of .....

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f ₹ 38,605/-and filing fee of ₹ 928/- totaling to ₹ 39,533/- were allowed. Accordingly he computed the assessee's income as under:- Gross receipts as declared ₹ 4,74,179/- Less: Expenses as discussed above ₹ 39,533/- Net taxable income Rs.4,34,646/- Rounded off ₹ 4,34,650/- 4. Before Ld. CIT(A), the assessee had made following submissions:- (a) The assessee being a private Ltd company, was engaged in the business of builders and developers, filed its retur .....

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construction at IFFCO Chowk, Gurgaon during the year under consideration. A sum of ₹ 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 ₹ 1151.82 lakhs as on 31st March 2009. (c) The expenses directly related to project were debited under construction by assessee company as .....

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d by the auditors of the company in the audit report. (d) The loss as per profit and loss account was rejected without rejecting the books of account. (e) The assessee's practice of revenue recognition based on the completed project has been accepted in toto. (f) In response to Assessing Officer's query vide Question No. 24 & 25 dated 18th August 2011 the assessee furnished the details of opening stock and the closing stock (work in progress) with evidence of valuation (Project wise) .....

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