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TMI Blog2016 (7) TMI 528X X X X Extracts X X X X X X X X Extracts X X X X ..... URABLE MR.JUSTICE KS JHAVERI) 1. Being aggrieved and dissatisfied with the impugned judgment and order dated 19.01.2007 passed by the Income Tax Appellate Tribunal, Ahmedabad Bench 'B' (hereinafter referred to as 'the Tribunal') in ITA No. 3287/Ahd/2004, the revenue has preferred the present Tax Appeal assailing the said order. 1.1 This appeal was admitted by this Court for consideration of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e profit generated out of construction work of housing project known as 'Bhavi Darshan Sankul'. The Assessing Officer disallowed the same and also issued notice for imposing penalty under Section 271(1)(c ) of the Act. The additions made by the Assessing Officer was confirmed by CIT(A) on appeal and the CIT(A) dismissed the appeal. 2.1 On appeal before the Tribunal by the assessee, by impugned ju ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ve and qualitative details of the purchase of the building material and its consumption without which the percentage of RCC frame, the structure flooring area of the building and the quantity of the material consumed could not be verified. 4. Mr. Manish Shah, learned advocate appearing for Ms. Soparkar, learned advocate on behalf of the assessee submitted that the Tribunal is justified in reversi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... penalty by the Assessing Officer was on unjustified grounds and the Tribunal has rightly allowed the appeal filed by the assessee. The Assessing Officer did not give any finding that inaccurate particulars were furnished by the assessee. It appears that the Assessing Officer has compared the profit estimates of different firms in the same line of business and arrived at the conclusion that the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X
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