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TMI Blog2011 (1) TMI 1203X X X X Extracts X X X X X X X X Extracts X X X X ..... e addition of Rs. 12,45,121/- made by Assessing Officer on account of estimation of work in progress?" 2. The assessment year is 2003-04 and the relevant accounting period is the year ending on 31st March, 2003. The Assessing Officer made addition of Rs.12,45,121/- on the ground that work in progress for the last few days in the month of March, 2003 was not shown, and worked out the same on the basis of the bill raised in the subsequent previous years including gross profit margin and added the said amount to the income of the assessee. The assessee preferred an appeal before the Commissioner [Appeals] contending that the bills for contract work were raised up to 27.3.2003 and 28.3.2003 in respect of two sites where contract work wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... In the circumstances, the view of the Tribunal that addition was made on assumption without bringing out on record the real material, is erroneous. 6. As can be seen from the impugned order of the Tribunal, the Tribunal has noted that the assessee company was engaged in the business of construction of various projects. It had raised the last bill in respect of the project during the relevant year on 27.3.2003 and 28.3.2003, respectively. The Tribunal further noticed that the Assessing Officer had observed that no work in progress was shown by the assessee after raising these bills and that the assessee had first raised bill in the financial year 2003-04. According to the Assessing Officer, work must have been uniformly carried out i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... evant previous year. The aforesaid finding is a finding of fact recorded by the Tribunal which has not been controverted by the revenue by pointing out any material to the contrary. In the circumstances, when there is no evidence on record to indicate that any work was actually carried out for the remaining period of the relevant previous year after the period in respect of which the last bill had been raised, the addition made by the Assessing Officer is based purely on assumption that some work must have been carried out during the said period. The Tribunal was, therefore, justified in upholding the deletion of the addition. Besides, the conclusion arrived at by the Tribunal is based upon findings of fact recorded by it after appreciating ..... X X X X Extracts X X X X X X X X Extracts X X X X
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