TMI Blog2018 (2) TMI 2093X X X X Extracts X X X X X X X X Extracts X X X X ..... nto consideration the contention that when the order of the Ld. CIT(A) was passed for A.Y. 2009-10 by that time the return of A.Y. 2011-12 was already filed and books of accounts were also finalized. Therefore the assessee has claimed that 31% of the Revenue of Vedika Exotica Scheme which was recognized during the A.Y. 2011-12 and accordingly claimed 31% of the expenditure during the year under co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent proceedings the A.O. has noticed that the assessee had deducted an amount of Rs. 25,60,600/- from business income in the computation of income filed along with the return of income. The background of this issue is that in this case search action was taken place on 29.08.2008. During the course of search certain loose paper were found and impounded. These loose papers were containing the detail ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , therefore, the claim of the assessee for this amount as expenditure was not allowed. The assessee has claimed 31% of the expenditure of Rs. 82,60,000/- which came to Rs. 25,60,600/- by stating that 31% of the Revenue of Vedika Exotica Scheme was recognized during the year under consideration A.Y. 2011-12. The A.O. has not accepted the claim of the assessee by stating that Revenue has not accepte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .Y. 2009-10 and stated that same will be included in the closing stock of the land. We have also taken into consideration the contention of the Ld. counsel that when the order of the Ld. CIT(A) was passed for A.Y. 2009-10 by that time the return of A.Y. 2011-12 was already filed and books of accounts were also finalized. Therefore the assessee has claimed that 31% of the Revenue of Vedika Exotica ..... X X X X Extracts X X X X X X X X Extracts X X X X
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