TMI Blog2015 (10) TMI 2538X X X X Extracts X X X X X X X X Extracts X X X X ..... first time which has been relied by the CIT(A) to give relief to the assessee. After having gone through the relevant assessment record, Ld. DR has not been able to point out any such additional evidence filed by the assessee and relied upon by the CIT(A) to give relief to the assessee. Ld. Counsel for assessee on the other hand, has taken us through the impugned order of CIT(A) to show that there was no new evidence filed by the assessee for the first time before CIT(A) and this position clearly evident from the order of the CIT(A) has not been rebutted or controverted out by the Ld. DR. We therefore find no merit in this appeal filed by Revenue and upholding the impugned order of CIT(A), we dismiss the said appeal. - Decided against reven ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ith the assessee. In this regard, assessee furnished the relevant details of payments as well as sources of funds for AYs 2002-03, 2003-04 2004-05. In the details so furnished, the source of funds was explained by the assessee as share capital of ₹ 150 lakh, share premium of ₹ 150 lakhs, internal accrual of ₹ 41 lakh, advance of ₹ 34 lakh and current liability of ₹ 16 lakh. It was claimed that said sources of funds was sufficient to fully cover the expenditure of ₹ 3.48 crores incurred by the assessee on construction during the year under consideration. This claim of the assessee was not found acceptable by the AO. According to him, the main source of funds claimed to be share capital was received by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tails before the Assessing Officer. Assessee also submitted that cash flow statement along with cash book, bank books were produced before the A.O during the course of assessment proceedings. The AO in his order has not pointed out any unexplained credit or negative cash balance of the appellant in cash book. The appellant submitted the dates of share application money received by account payee cheques form promoters and share applicants which were deposited in the bank account of the assessee. The details filed before me show that the cost of construction was net from time to time with the Promoters contribution for share capital. As seen from the books of accounts produced before me the allotment of shares was made on 07.03.2005 against ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tal work in progress. The expenditure incurred in earlier years cannot be added as income from the assessment year 2005-06 u/s. 69 of the I.T. Act. The appellant filed the complete details of payments made during the construction period and also the relevant sources of funds. As seen from the details furnished by the appellant, after 30.09.2004 an amount of ₹ 5,50,000/- was incurred and there were credits, discount, rebate of ₹ 8,62,951/-. Thus, no net expenditure was incurred by the assessee. The AO has not brought out any material on record to show that the construction of the building has not been completed before 30.09.2004. The AO has also allowed the depreciation as claimed by the appellant. The share capital was received ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eping in view this assertion made by the assessee-company in its CO which was reiterated by Ld. Counsel of assessee, opportunity was given to Ld. DR to point out specifically the additional evidence, if any, filed by assessee before CIT(A) for the first time which has been relied by the CIT(A) to give relief to the assessee. After having gone through the relevant assessment record, Ld. DR has not been able to point out any such additional evidence filed by the assessee and relied upon by the CIT(A) to give relief to the assessee. Ld. Counsel for assessee on the other hand, has taken us through the impugned order of CIT(A) to show that there was no new evidence filed by the assessee for the first time before CIT(A) and this position clearly ..... X X X X Extracts X X X X X X X X Extracts X X X X
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