9911796707
TMI Blog2012 (3) TMI 61X X X X Extracts X X X X X X X X Extracts X X X X ..... -2012 - Shri N.R.S. Ganesan, Shri B.R. Baskaran, JJ. Appellant by : Shri T.M. Sreedharan, Sr.counsel Respondent by : Ms. Vijayaprabha, Jr DR O R D E R Per N.R.S. Ganesan (JM) All the appeals of the assessee are directed against various orders of the Commissioner of Income-tax(A). Since common issues arise for consideration, we heard all the appeals together and dispose them off by this common order. 2. Let us first take ITAs No.135 136/Coch/2010 and ITA No.326 327/Coch/2009. The first issue arises for consideration in all these appeals is estimation of profit. 3. We heard the ld.senior counsel for the assessee and the ld.DR. The Commissioner of Income-tax(A) for the assessment year 2003-04 estimated the profit at ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the assessee merely because the loan was obtained against the stock in trade, it cannot be said that the assessee could not have used such loan for construction of the building. What is to be seen is whether the assessee actually utilized the loan for the purpose of construction. If the assessee is able to establish the nexus between the borrowal of the loan and the construction of the building, then the assessee would succeed to that extent in establishing the source or the investment in the construction. Similarly, the profit estimated by the assessing officer as confirmed by the Commissioner of Income-tax(A) would also be available for investment in the construction of course subject to personal drawings. Therefore, it is a matter for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with regard to investment in the cost of construction and in respect of estimation of profit from the business and income from lorries was confirmed by this Tribunal. In view of the order of this Tribunal remanding back the matter to the file of the assessing officer with regard to the investment in cost of construction, the assessing officer has to necessarily reconsider the issue after completing the assessment in the light of direction of this Tribunal. Accordingly, the order of lower authorities with regard to levy of penalty is set aside and the entire issue is remitted back to the file of the assessing officer. The assessing officer shall examine the issue afresh in the light of the above observation of the Tribunal and thereafter de ..... X X X X Extracts X X X X X X X X Extracts X X X X
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