9911796707
TMI Blog2017 (11) TMI 1564X X X X Extracts X X X X X X X X Extracts X X X X ..... section 263 of the Act, inspite of the fact that the assessment order was neither erroneous nor prejudicial to the interest of the revenue. 2. The Ld. CIT erred in ignoring all the relevant facts and legal precedents cited by the appellant in support of its claim that in the facts and circumstances prevailing in the case of the appellant, no action under section 263, was called for because the two view are possible and the Ld. AO had adopted the view in favour of assessee. 3. On the facts and circumstance of the case and law, the Ld. CIT erred in passing order u/s 263 stating that assessee not offer income of project complete completed in February 2013 . Assessee have completed project and showed whole Income in A Y 2013-14. 4. On ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ansaction become effective w.e.f. 01.06.2010. That this issue has not been looked into and examined by the A.O. during the course of assessment in the year in question. That if this data were procured and examined, the applicability of AS-9 would have been realized and the assessment could have been done accordingly so as to recognize income in the relevant assessment year. That also VAT payable/collectible on sale of property during the year and its implication on the determination and recognition of income has not verified by the A.O. during the assessment proceedings and the same could have also led to the adoption of AS-9 for recognition of income. 3. In view of the above, after giving the assessee a show cause notice and after receivi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... S statement of the assessee shows payment of service tax in A.Y. 2013-14 and 2014-15 and TDS u/s. 194 IA in A.Y. 2014-15 as also sale of property transaction in A.Y. 2013-14 and 2014-15 (AIR Information). These issues do no appear to have been looked into and examined during the course of assessment in the years in question despite the completion of project seen at 100% in A.Y. 2013-14. Also VAT is payable/collectible on sale of property during the period in question has not been seen. The details of VAT payment by the assessee have not been called for during the assessment proceedings. The submission of the assessee in this regard in fact concede that for reasons mentioned in the submissions, the A.O. has not examined the implications of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessment is held to be erroneous and prejudicial to the interests of the revenue. 8. Therefore, it is held that the order dated 14.03.2016 u/s 43(3) of the Income-tax Act, 1961 is erroneous in so far as it is prejudicial to the interests of the revenue within the meaning of clauses (a) and (b) of Explanation 2 below sub-section (1) of Sec. 263 of the Act, 1961 and, as the Assessing Officer failed to conduct inquiries which should have been carried out, the assessment order is hereby set aside to the Assessing Officer with the direction to pass a fresh assessment order in accordance with law and after affording an opportunity of being heard to the assessee. The order shall be passed under the supervision and guidance of the Addl./Jt. CIT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unless there is a finding of fact that such a method is not reflecting the true profits of the assessee. Now it has also been brought on record by the Id. Counsel that in the subsequent year i.e. in the year of completion of the project in A.Y. 2012- 13, the Revenue itself has accepted the project completion method for recognition of revenue and accordingly, has assessed the income of the project on the same method. Thus, a contrary view cannot be taken for this year. - Decided against revenue." 7. We have noticed that issue raised in this appeal is squarely covered by the order of the Tribunal in ITA No.1267/M/2013 dated 15.05.2015 (case of assessee's sister concern). Hence keeping in view the principle of consistency, hence, we do not fin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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