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2015 (11) TMI 1214 - DELHI HIGH COURT

2015 (11) TMI 1214 - DELHI HIGH COURT - TMI - Addition on account of difference in contract receipts shown by the Assessee and accounted for by its customer Uniproducts India Ltd. ('UIL') - ITAT deleted the addition - Held that:- With the ITAT having returned a definite finding about the Assessee following the percentage completion method and with the Revenue not contending that differential amount was not offered to tax in subsequent FY, the Court is not persuaded to hold that the impugned orde .....

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at both proprietary concerns had the same proprietor. It appears that the Assessee also was able to produce the delivery challan for purchases made from M/s. Amit Steel and this was accepted by the ITAT. This finding of the ITAT having purely turned on facts, the Court is not persuaded to frame any question.- Decided against revenue

Disallowance of service tax under Section 43B - ITAT deleted the addition - Held that:- ITAT has noted that the service tax payable was not in fact shown .....

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his appeal by the Revenue under Section 260A of the Income Tax Act, 1961 ('Act') is against an order dated 27th April 2015 passed by the Income Tax Appellate Tribunal ('ITAT') in ITA No. 2105/Del/2013 pertaining to Assessment Year 2008-09. 2. The main ground urged by the Revenue in relation to the impugned order of the ITAT is that the ITAT erred in deleting the following additions ordered by the Assessing Officer ('AO'): (a) ₹ 1,09,92,260 on account of difference i .....

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; 3,73,39,842 on the basis of the bills raised by the Assessee whereas the Assessee had disclosed in its P&L account receipts of only ₹ 2,63,47,582 from UIL. The explanation offered before the AO was that some of the bills were accounted for in the following Financial Year ('FY') i.e. 2008-09 as those bills were not approved due to some pending defect liability period work. It was claimed by the Assessee that it had not received the full and final payment of the bills raised on .....

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le 46A of the Income Tax Rules, 1962 ('Rules'). The Assessee also explained that it was following the 'percentage completion method' as prescribed in Accounting Standard 7 (AS 7). The CIT (A) called for a remand report from the AO. The AO objected stating that the Assessee was maintaining its books of accounts on mercantile system and therefore, its explanation regarding adoption of the percentage completion method could not be accepted. Moreover, such a plea was raised for the f .....

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ar ending on 31st March 2008. 6. The CIT (A) concurred with the AO that the P & L account submitted by the Assessee along with the return of income did not reflect the system of accounting as AS-7. The addition was accordingly maintained. 7. The ITAT, however, accepted that the Assessee was in the business of building construction, and had in fact followed AS-7 while finalising its accounts as per the mercantile system. The ITAT took note of the working submitted by the Assessee which indica .....

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