TMI Blog2016 (4) TMI 415X X X X Extracts X X X X X X X X Extracts X X X X ..... . 2. The Ld. Counsel for the assessee at the time of hearing did not press ground of appeal No.2 for which the Ld. Departmental Representative has no objection. Accordingly, ground of appeal No.2 is dismissed as 'not pressed'. 3. The remaining grounds raised by the assessee are as under : On facts and in law, 1. The Ld.CIT(A) erred in confirming the action of the Ld.A.O. in valuing the WIP at ₹ 2,41,80,000/- as against the value of ₹ 7,53,48,000/- claimed by the assessee. Without prejudice to the above ground, the assessee submits as under : 3. The Ld.CIT(A) erred in holding that the Ld. A.O. was justified in valuing the closing WIP in respect of DN Mulik Complex on the basis of the decision of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hy the WIP should not be reduced correspondingly. The assessee replied that Mr. D.N. Mulik and others have appealed before the Hon'ble High Court against this order. Further, the WIP is as per books of account and supported by the external supporting evidences. 7. However, the AO was not satisfied with the explanation given by the assessee. According to him, the decision of City Civil Court has clearly ordered the work done and provision as mentioned above. Therefore, the WIP in respect of Mr. D.N. Mulik Complex was disallowed by the AO to the extent of ₹ 5,11,68,000/-. 8. Before CIT(A) the assessee submitted that the construction work of the Mulik Complex was partly completed, which had been agreed to be built for Shri Muli ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Court has arrived at the finding after taking into account the contentions raised by the parties to the suits which included the appellant and its partners. It is also noticed that the issue has been deeply examined by the Court and the above figures arrived at after taking into consideration the contentions raised by the appellant. In view of the above facts, though the decision of the Civil Court might not have been accepted by the appellant being not favourable and preferred further appeal before the High Court, the Civil Court verdict whereby the issue has reached finality would be effective/operative till the decision of the Hon'ble High Court. Thus the value determined by the Civil Court has rightly been considered by the Ass ..... X X X X Extracts X X X X X X X X Extracts X X X X
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