TMI Blog2015 (11) TMI 1807X X X X Extracts X X X X X X X X Extracts X X X X ..... of AO for passing the assessment order after considering the details/evidences submitted by the assessee pertaining to budgeted cost of both the projects and revenue recognition therefrom. Therefore, set aside the impugned order and remit the case back to the file of AO on this limited issue, who after considering all the details of the projects and supporting evidence, shall pass the assessment order afresh after giving reasonable opportunity of being heard to the assessee. The assessee shall be at liberty to furnish all the details/evidences which he deems fit to submit in support of its case. - ITA No. 4027/Del./2013 - - - Dated:- 23-11-2015 - SHRI C.M. GARG, JUDICIAL MEMBER And Shri L.P. SAHU, ACCOUNTANT MEMBER Appellant by : Shr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... following percentage project completion method and the correctness and completeness of accounts has not been disputed by the AO nor has the AO invoked section 145(3) of the Income Tax Act, 1961. 4. On the facts and in circumstances of the case, it is prayed that the AO be directed to allow reduction of Income to the tune of ₹ 1,98,13,410/- considered in the profit and loss account as of the nature of income under the head Future Loss on Contract in respect of Project Pench-1 on its completion which was reflected in the profit loss account in the preceding assessment year 2008-09 as provision for future loss by the appellant as per clause 35 of the accounting standard -7 of ICAI and disallowed by the AO as well as learned CIT(A) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unsel for the assessee at the very outset contended that no additional evidence was submitted before the ld. CIT(A) and the evidences, whatsoever, submitted before the ld.CIT(A) already stood filed before the AO, as sought by him. But the ld. CIT(A) without appreciating the entire facts dismissed the appeal of assessee observing that the assessee failed to explain why the above details were not filed during the assessment proceedings. It was submitted that some of the evidences submitted before the ld. CIT(A) were already submitted before the AO in 154 proceedings and some of them were submitted along with reply of assessee. Therefore, there was no justification to file any application u/r. 46A and thus the order passed without considering ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
