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TMI Blog2018 (3) TMI 1089X X X X Extracts X X X X X X X X Extracts X X X X ..... ccounts on the sole ground that the assessee has not followed Accounting Standard-7 and AS-9 for recognition of revenue, though the AO had examined actual allotment agreement and had then reached the conclusion that revenue could be reliably recognized on the basis of Percentage Completion Method? Whether on the facts and circumstances the case the Tribunal has erred in conforming deletion the disallowance made under Section 40(a)(ai) and 40A(3) on the ground that assessee has followed project completion method and expenses have not been claimed ignored the fact that said expenses were included in work-in-progress, to be claimed as revenue expenses subsequently? 3. The issues are now covered by the decision of this court in the case of same assessee in D. B. Income Tax Appeal No.3/2018 and another connected matters decided on 20.02.2018 where while deciding the issues, this court held as under:- "5. Now, the issues are squarely covered by the decision of this court in ITA No.23/2013 (CIT Central Jaipur vs. M/s Unique Builders And Developers Jpr) decided on 19.5.2017 wherein it has been observed as under:- "4.3 Counsel for the appellant has relied upon the decision of Supreme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uired to be substituted by percentage of completion method. 12. In this connection, it is the case of the assessees that, profits (loss) accrued to the assessees only when the dividends exceeded the discount paid and that difference could be known only on the termination of the chit when the total figure of dividend received and discount paid would be available. That, it would be possible for the assessees to make profits only when the sum total of the dividend received exceeded the sum total of discounts suffered which is debited to P & L account. According to the assessees, the Department has all along been accepting the completed contract method and, therefore, there was no justification in law or in facts for deviating from the accepted practice. According to the assessees, a chit transaction has been treated by the various courts as one single scheme running for the full period and, therefore, according to the assessees, the completed contract method adopted by it over the years was not required to be substituted by any other method of accounting.21. Before concluding, we may point out that under section 211(2) of the Companies Act, Accounting Standards ("AS") enacted by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . The auditors have reported no change in method adopted by the assessee. The revenue has accepted this method in regular assessments made from year to year. An action under section 132 of the IT Act ("Act" for short) was taken on its business premises on 28.01.2009. On the same very day the members of the appellant group as well as of the separated group and their business/residential premises were also searched by the department. The assessee-appellant furnished return of income in response to notice issued under section 153A of the Act. The return of income was furnished on the basis of books of account maintained by it as no document giving rise to undisclosed income was found or detected by the search party. The books of account seized during the course of search were considered in making the assessment pursuant to notices issue under section 153A of the Act. The Assessing Officer reached a finding that the books of account maintained by the assessee did not present true and complete picture of its accounts and financial transactions. The Assessing Officer after making elaborate discussion has rejected the books of account of the assessee by application of provisions of sectio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roject in progress for determining profit at the time of completion of the project. No expenditure is charged to Profit & Loss account. The quantity so issued to the sites/projects is recorded in separate records maintained for each item of building material used therein. There was thus no need to maintain a detailed quality-wise quantitative register by the appellant. The lower authorities have not pointed out any defect in the valuation of project/work-in-progress. It is also not the case of the Assessing Officer that there have been omission or failure to record any purchases or direct expenses to the project in process nor even the case is that the assessee has inflated the cost of such stock held and disclosed by the assessee in the financial statements presented along with the return of income. In fact, this is a case where the accounts were found duly audited by a qualified Chartered Accountant with no adverse comments with respect to correctness and completeness of the accounts maintained by the assessee or the method of valuation adopted by him. The appellant has valued the stock of project in process at cost as all the purchases of materials and direct expenses were charg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of account do not present true and complete picture of accounts and financial transactions. The finding by the assessing authority being perverse is, therefore, set aside. 12.4. The second issue raised by the assessing authority for invoking provisions of section 145 of the Act is about non verification of some of the vouchers relating to payment in respect of direct expenses. The perusal of the impugned order reveals that this was only a prima facie view which the assessing authority entertained before issuing a show cause notice to the assessee for rejecting its accounts by invoking provisions of section 145(3) of the Act. He has not been able to point out as to which of these payments in respect of direct expenses could not be verified by him nor the Assessing authority is shown to have required the assessee to get payment of any specific amount of direct expenses verified. Merely for saying it could not be taken a lacuna in the books of account of the assessee and take the same as a reason for rejecting the books of account that were maintained by assessee in regular course of its business. 12.5. Thirdly, the Assessing Officer has taken the reasoning that the search proceed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -- ---- 12.8. The Hon'ble Kerala High Court in the case of St. Teresa's Oil Mills vs. State of Kerala, 76 ITR 365 (Ker.) has entertained a view that the accounts regularly maintained by the assessee in the course of business have to be taken as correct unless there are strong and sufficient reasons to indicate that they are unreliable. The department has to prove satisfactorily that the accounts books are unreliable, incorrect or incomplete before rejecting the accounts. The rejection of books is not a matter to be done light heartedly. 12.9. There is also a feeble observation in the orders of the authorities below for rejecting the accounts that in the trade of real estates 'notorious trade practices' are prevailing. The Ld. Counsel for the assessee has placed reliance on the judgment by Hon'ble Apex Court in the case of Lalchand Bhagat Ambica Ram vs. CIT, MANU/SC/0081/1959MANU/SC/0081/1959 : 37 ITR 288 (SC) and also by Hon'ble Delhi High Court in the case of CIT vs. Discovery Estate Pvt. Ltd. 2013 TIOL 139 High Court DEL-IT in which the practice of making additions in the assessment on mere suspicions and surmises or by taking note of the 'notori ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oyed if the same is shown to have been regularly employed in subsequent years. The decision by Hon'ble Delhi High Court in the case of CIT vs. Smt. V. Sikka & Another (1984) 149 ITR 73 (Del.) is relevant. The real estate developer is not a pure contractor but is a seller of flats/goods. The revenue recognition in the case of sale of goods is triggered on completion of performance as provided in para 11 of AS-9 " revenue recognition". It is not mandatory for a real estate developer to follow percentage of completion method as prescribed by the Institute of Chartered Accountants of India under AS-7. AS-7 issued by the Institute of Chartered Accountants of India, recognizes the position that in the case of construction contracts the assessee can follow either the project completion method or the Percentage completion method. The judgment by Hon'ble Delhi High Court in the case of CIT vs. Manish Buildwell (P) Ltd. in ITA No. 928/2011 dated 15.11.2011 is relevant. Neither the revised Guidance Notes 2012 issued by Institute of Chartered Accountants of India nor the Exposure Draft for Guidance Note on Recognition of Revenue issued by the Institute of Chartered Accounts of India in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t from the following passage:- In the balance-sheet, it is true, the securities and shares are valued at cost, but no firm conclusion can be drawn from the method of keeping accounts. A taxpayer is free to employ, for the purpose of his trade, his own method of keeping accounts, and for that purpose to value his stock-in-trade either at cost or market price. A method of accounting adopted by the trader consistently and regularly cannot be discarded by the departmental authorities on the view that he should have adopted a different method of keeping account or of valuation. The method of accounting regularly employed may be discarded only if, in the opinion of the taxing authorities, income of the trade cannot be properly deduced therefrom. Valuation of stock at cost is one of the recognized methods. 12.13. The Apex Court in the case of United Commercial Bank vs. CIT MANU/SC/0623/1999MANU/SC/0623/1999 : 1999 240 ITR 355 (SC) after considering the judgment in the case of British Paints India Ltd. MANU/SC/0729/1990MANU/SC/0729/1990 : 188 ITR 44 (SC) which is also relied upon by the authorities below against the appellant before us is found to have entertained a view that a method ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uty that is placed on the officer, in terms of the first proviso to section 145, which concerns a correct and complete account but which, in the opinion of the officer, does not disclose the true and proper income. Hence, for the purpose of income-tax whichever method is adopted by the assessee, a true picture of the profits and gains, that is to say, the real income is to be disclosed. For determining the real income, the entries in a balance-sheet require to be maintained in the statutory form, may not be decisive or conclusive. In such cases, it is open to the Income-tax Officer as well as the assessee to point out the true and proper income while submitting the income-tax return. 12.14. The Hon'ble Andhra Pradesh High Court in the case of CIT vs. Margadarshi Chit Funds (P) Ltd., 155 ITR 442 (AP) did not find any justification in the entertainment of the view by the Assessing Officer that there could be a better system of accounting. This is no reason to the application of the provisions of section 145 of the Act. The relevant passage as contained at page 447 of the report is reproduced as under:- The ITO's view that there could be a better system of accounting is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... method is one of such methods. Under the Completed contract method, the revenue is not recognized until the contract is completed. Under the said method, costs are accumulated during the course of the contract. The Profit and Loss is established in the last accounting period and transferred to the profit and loss account. The said method determines results only when the contract is completed. The method leads to objective assessment of the results of the contract. On the other hand the Percentage of Completion method tries to attain periodic recognition of income in order to reflect current performance. The amount of revenue recognized under this method is determined by reference to the stage of completion and can be looked at under this method by taking into consideration the proportion that costs incurred to date bears to the estimated total costs of contract. The Apex Court again in the case of CIT vs. Hyundai Heavy Industries Co. Ltd., 291 ITR 482 (SC) took the similar view and held at page 495 as under:- Lastly, there is a concept in accounts which called the concept of contract accounts. Under that concept, two methods exist for ascertaining profit for contracts, namely, " ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts of this case in hand and the same do not advance revenue's case. 13. Considering entire conspectus of the case in the light of the peculiar facts and findings reached herein before in this case, it is neither proper nor justified to hold that the books of account maintained by the assessee did not present true and complete picture of its accounts and financial transactions. It is a case where accounts of the assessee are correct and complete. Method of accounting and accounting standard has been regularly followed. True and correct profits of the business of the assessee could be deduced from such books of accounts. In this view of the matter the assessing authority could not change the method regularly adopted by the assessee from Project Completion Method to Percentage Completion Method on irrelevant considerations. We are, therefore, satisfied that provisions of section 145(3) are not attracted in this case. The Ld. CIT (A), is found to have erred in upholding the decision of Ld. Assessing Authority to invoke section 145(3) of the Act and making assessment in the manner provided under section 144 of the Act. We, therefore, set aside the decision in this regard and allow ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bstantial question of law can be said to arise out of the order of the Tribunal. Once the stock register has been held to be properly maintained and has been held to be proper, no trading addition could have been made and rightly so, even otherwise, minor discrepancies cannot result into rejection of books of account. 9. Leave apart the above, in our view, what conclusions are to be reached is independent of the results shown in the books of account if any maintained by the assessee. Section 145 only provides the basis on which computation of income is to be made for the purpose of determining the amount of tax payable by an assessee. The provision by itself does not deal with the addition or deletion in the income. Best judgment is also based on the material available on record and therefore, while making an addition something more is to be collected by the AO who makes assessment of an assessee. As pointed out above, merely because there is some deficiency of quality wise record in the books of account, or merely because of rejection of the books of account, it does not mean that it must necessarily lead to addition in the return of income of the assessee. As noticed earlier, e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e has been pointed out AO. The AO further noted that day to day stock and inward and outward registers are maintained on computer. Perhaps, this was the sale reason which swayed the AO to reject the books of accounts and make the addition. Now-a-days it is common knowledge that all the records are maintained on computer including by the government and semi government organizations. Even if, records are maintained on computer is not ground to reject the explanation of the assessee. The AO should have verified the entries from the computerized records also to point out any defect thereon. In the absence of any specific defect pointed out in the books of accounts and the records maintained on computer, the AO was not justified in rejecting the books results, or to enhance the gross profit rate. Accordingly, there is no merit in this ground of appeal of the revenue. The same is accordingly, dismissed." From the above, it can be seen that the entire issue is based on appreciation of evidence on record. No question of law, therefore, arises particularly when the Commissioner (Appeals) as well as the Tribunal concurrently held in favour of the assessee. Issue No. 2 pertains to the add ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... brought to our notice. Hence, even if no such register was being maintained by the assessee as is contended by the learned counsel for the appellant, that by itself does not lead to inference that it was not possible to deduce the true income of the assessee from the accounts maintained by her, nor the accounts can be said to be defective or incomplete for this reason alone. If stock register is not maintained by the assessee that may put the Assessing Officer on guard against the falsity of the return made by the assessee and persuade him to carefully scrutinize the account books of the assessee. But the absence of one register alone does not amount to such a material as would lead to the conclusion that the account books were incomplete or inaccurate. Similarly, if the rate of gross profit declared by the assessee in a particular period is lower as compared to the gross profit declared by him in the preceding year, that may alert the Assessing Officer and serve as a warning to him, to look into the accounts more carefully and to look for some material which could lead to the conclusion that the accounts maintained by the assessee were not correct. But, a low rate of gross profit, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amely, that the assessee being a developer of the project, profit in his case, will arise on transfer of title of the property and receipt of any advances or booking amount cannot be treated as trading receipt of the year under consideration. The tribunal further noted that such method of accounting followed by the assessee had been accepted by the revenue in earlier years. The Tribunal was, therefore, of the opinion that the Assessing Officer's decision to reject the book results during the year under consideration was not justified. 4. WE are of the opinion that the Tribunal committed no error. If as per the accounting standard available, the assessee was entitled to claim the entire income on completion of the project and if such accounting standard was accepted by the revenue in the earlier years, in the present year, the Assessing Officer could not have taken a different stand and that too, without hearing the assessee. Paras Buildtech India Private Limited & anr. vs. CIT & Anr. [2016] 382 ITR 630 (Delhi): 18. Section 145(1) of the Act states that the income chargeable under the heads 'Profits and gains of business or profession' shall be computed in accordance wit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... issue and question whether or not the completed contract method is permitted and can be adopted by the assessee following mercantile system of accounting. The tribunal also went on certain other aspects relating to service of notice in the first proviso to Section 145 and did not deal with the issue and question accordingly. On the second question, therefore, we hold and observe that completed contract method can be adopted under Section 145 of the Act when an assessee follows mercantile system of accounting. However, we remand the matter to the tribunal to examine the other aspects relating to computation of taxable income on the basis of completed contract method. Question No. 2 is accordingly answered partly affirmative and partly in negative. Commissioner of Income Tax vs. Bilahari Investment (P) Ltd [2008] 299 ITR 1 SC: 15.Recognition/ identification of income under the 1961 Act is attainable by several methods of accounting. It may be noted that the same result could be attained by any one of the accounting methods. Completed contract method is one such method. Similarly, percentage of completion method is another such method. 19. In the judgment of the Bombay High Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... get assessed over a period of years, keeping pace with the progress in the construction/development of the project. The CIT (A) however held that the assessee had no reason to withhold the handing over of possession of the space to the purchaser in respect of a project which is completed and that wherever possession was not handed over to the purchaser, it was for the reason that the project was not completed. He further found that a buyer who has paid the entire sale consideration would immediately demand possession and the entire sale consideration could be received by the assessee only on completion of the project. On these facts it was noted by the CIT (A) that unless the buyer makes full payment the assessee could not hand over possession nor get the sale transaction registered. A further finding recorded by the CIT (A) was that the impugned project was completed only in the accounting period relevant to the assessment year 2008-09 and in support of this finding, he noted that a copy of the completion/occupancy certificate was placed on the record of the Assessing Officer. He further recorded a finding that after the issue of the occupancy certificate and till the date of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (2007) 291 ITR 482 (SC) the Supreme Court held as follows: Lastly, there is a concept in accounts which is called the concept of contract accounts. Under that concept, two methods exist for ascertaining profit for contracts, namely, completed contract method" and "percentage of completion method". To know the results of his operations, the contractor prepares what is called a contract account which is debited with various costs and which is credited with revenue associated with a particular contract. However, the rules of recognition of cost and revenue depend on the method of accounting. Two methods are prescribed in Accounting Standard No.7. They are "completed contract method" and "percentage of completion method. This view was reiterated by the Supreme Court in Commissioner of Income-Tax v. Balearic Investment P. Ltd. MANU/IG/5001/2007 : (2008) 299 ITR 1 (SC) with the following observations: Recognition/identification of income under the 1961 Act is attainable by several methods of accounting. It may be noted that the same result could be attained by any one of the accounting methods. The completed contract method is one such method. Similarly, the percentage of completi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of the accounts of the Assessee, or where the method of accounting provided in Sub-section (1) or accounting standards as notified under Sub- section (2), have not been regularly followed by the Assessee, the Assessing Authority may make an assessment in the manner provided in Section 144. Therefore, in order to invoke Section 145(3) of the Act and disturb the existing system of accounting, the Assessing Officer must necessarily express his dissatisfaction about the correctness or completeness of the accounts of the Assessee and also note that such system of accounting was not regularly followed by the Assessee, in which event alone, the Assessing Officer can exercise his jurisdiction and make an assessment as provided under Section 144 of the Act. 9. We fully concur with the conclusion of the Tribunal in having interfered with the orders of the Assessing Authority as well as that of the Commissioner of Income-tax (Appeals). We are, therefore, not inclined to entertain the substantial question of law, as we do not find any need for the same. The appeal fails and the same is dismissed. No costs. MKB (Asia) (P) Ltd. vs. CIT [2007] 294 ITR 655 (Gau HC): 11. As stated above, th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of the electric supply and other similar factors and that the consumption of electricity is affected by these and various other factors. It was also contended that no test-crushing had been done in this case and the department itself had accepted in other cases figures varying from 10 to 12 units per quintal of copra. In the petitioner's case, the average works out to 12 units per quintal. On behalf ofthe revenue it was urged that the rejection of the accounts was justified since there was very wide divergence in the consumption of electricity and that it was indicative of the unreliability of the petitioner's accounts. The proposition is well-settled that accounts regularly maintained in the course of business have to be taken as correct unless there are strong and sufficient reasons to indicate that they are unreliable. The department has to prove satisfactorily that the account books are unreliable, incorrect or incomplete before it can reject the accounts. The rejection of accounts is not a matter to be done light- heartedly, though it may not be possible to lay down in general terms the exact circumstances in which the accounts should be considered as unreliable or i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rejection of the accounts. Such variation in the consumption of electricity can be due the various factors outside the control of the assessee. It is unsafe to categorically say that because there is variation in the consumption of electricity the accounts are incorrect or unreliable. It sometimes happens that current supply falls far below the usual voltage and on such occasions the output will necessarily be much lower than the normal rate. The efficiency of the crushing machine as also the moisture content in the copra would also be relevant factors to be taken into account in arriving at the output. It is, therefore, unsafe to uphold the rejection of the accounts purely on the ground that there has been divergence in the consumption of electricity. In this case, there is also the additional circumstance that the department itself has admitted variations ranging from 10 to 12 units per quintal; and the petitioner's consumption of electricity is 12 units per quintal, which cannot be said to be wide off the accepted consumption. We are of the opinion that in these circumstances the rejection of the accounts is not legally justified. 6. We accordingly set aside the order of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ents) 'at cost' in the balance sheet whereas for the same period of time the appellant has been valuing the very same investment 'at cost or market value whichever is lower' for income tax purposes. 13. In the background of the aforesaid facts, we would state that it is an established rule of commercial practice and accountancy that closing stock can be valued at cost or market price whichever is lower. In Chainrup Sampatram v. Commissioner of Income Tax, West Bengal MANU/SC/0046/1953 : [1953]24ITR481(SC) , this Court explained the underlying reasons for the said practice thus: 'It is wrong to assume that the valuation of the closing stock at market rate has, for its object, the bringing into charge any appreciation in the value of such stock. The true purpose of crediting the value of unsold stock is to balance the cost of those goods entered on the other side of the account at the time of their purchase, so that the cancelling out of the entries relating to the same stock from both sides of the account would leave only the transactions on which there have been actual sales in the course of the year showing the profit or loss actually realised on the year&# ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Law) the profits are the profits realised in the course of the year. What seems an exception is recognised where a trader purchased and still holds goods or stocks which have fallen in value. No loss has been realised. Loss may not occur. Nevertheless, at the close of the year he is permitted to treat these goods or stocks as of their market value. 18. Even applying the aforesaid tests laid down by this Court, what is taxable under the Act is the really accrued or arisen income. On the basis of the method of accountancy regularly employed by the assessee, the real income is pointed out in the income-tax return submitted by the assessee. This cannot be ignored by holding that in a balance sheet which is required to be statutorily maintained in a particular form, market value of the shares and securities is not mentioned or is mentioned in brackets. The decision in the case of State Bank of Travancore does not lay down any rule that whatever is not mentioned in the prescribed statutory balance sheet is not to be taken into account for deciding real taxable income. 21. The learned Counsel for the Revenue further relied upon the decision in Commissioner of Income-Tax v. British P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ax whichever method is adopted by the assessee a true picture of the profits and gains, that is to say, the real income is to be disclosed. For determining the real income, the entries in a balance sheet required to be maintained in the statutory form, may not be decisive or conclusive. In such cases, it is open to the Income Tax Officer as well as the assessee to point out the true and proper income while submitting the income tax return. In Kedamath Jute Mfg. Co. Ltd. v. Commissioner of Income Tax (Central), Calcutta MANU/SC/0438/1971 : [1971]82ITR363(SC) , this Court has negatived the contention that "if an assessee under misapprehension or mistake fails to make an entry into the books of account and although, under the law, a deduction must be allowed by the Income-Tax Officer, assessee will loss the right of claiming or will be debarred from being allowed that deduction." The Court held that whether the assessee is entitled to the particular deduction or not will depend upon the provision of law relating thereto and not on the view which the assessee might take of his rights nor can the existence or absence of entries in the books of account be decisive or conclusive in the ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rdance with the statutory provision would not disentitle the assessee in submitting income tax return on the real taxable income in accordance with a method of account adopted by the assessee consistently and regularly. That cannot be discarded by the departmental authorities on the ground that assessee was maintaining balance sheet in the statutory form on the basis of the cost of the investments. In such cases, there is no question of following two different methods for valuing its stock-in-trade (investments) because the Bank was required to prepare balance sheet in the prescribed form and it had no option to charge it. For the purpose of income tax as stated earlier, what is to be taxed is the real income which is to be deduced on the basis of the accounting system regularly maintained by the assessee and that was done by the assessee in the present case." 11. Counsel for the respondent has contended that even the second issue is covered by the aforesaid decisions. 12. So far as issue No.(iii) is concerned, where it has been relied upon the decision of Gujarat High Court reported in Tax appeal No.1250/2011 wherein the Division Bench on the question of own money, in para 9 h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of law required to be considered. 7. Accordingly, the appeal is dismissed." 13. In that view of the matter, he has contended that the issue No.(iii) is required to be answered in favour of the assessee and against the department. 14. We have heard counsel for the parties. 15. In view of the observations made in para 12, 12.1 onwards and 13, by the Tribunal, we are of the opinion that the Tribunal while considering the case has gone in detail and after considering the facts on record has given a finding. In our considered opinion the Tribunal being a fact finding authority, it will not be appropriate for us to re appreciate the evidence which has already been appreciated by the Tribunal. 16. Therefore, in view of the decision of this Court and the Gujarat High Court, referred to by Mr. Jhanwar, the first issue is answered in favour of the assessee. 17. In view of the decision of Supreme Court referred hereinabove, the second issue is also required to be answered in favour of the assessee. 18. In view of the decision of Gujarat High Court in the case of S.A. Builders (supra), the issue No.(iii) is answered in favour of the assessee and against the department." 6. In th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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