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TMI Blog2009 (11) TMI 1039X X X X Extracts X X X X X X X X Extracts X X X X ..... s an appeal filed by the assessee against the order of CIT(A) dated 13.02.2003 wherein he has confirmed an addition of Rs. 7,30,552/- being the purchases made by the assessee but not accounted for in the bills of contract. 2. The facts of the case are that assessee is a firm engaged in the business of construction. Original assessment was made under section 143(3) on 25.3.1996. The AO reopened th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ting items costing Rs. 2,66,655/- and kota stones of Rs. 2,67,647/- purchased this year were not accounted for. 3. The bills submitted this year did not show any work executed with these materials. These materials were also not shown as closing stock or work in progress. He accordingly treated these expenses as undisclosed income and taxed accordingly. Ld. CIT(A) confirmed the addition on the gro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - A.Y. 1994-95 Rs. 41,99,190/- Once contract amount is fixed then assessee is to be taxed on the basis of running bills received from year to year and, therefore, amount of purchase made in any particular year are not relevant. The assessee has not raised any bill for a sum of Rs. 7,30,552/- this year. Therefore, it should not be included in the total amount received this year. The contractee d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as work in progress while completing the accounts. If assessee is able to show that these purchases are recorded in the books then no addition is called for. There is no allegation that purchases are not verifiable or undisclosed investment has been made in these purchases. 7. As a result, we restore the matter to the file of AO. The appeal of the assessee is allowed for statistical purposes. O ..... X X X X Extracts X X X X X X X X Extracts X X X X
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