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TMI Blog2013 (12) TMI 411X X X X Extracts X X X X X X X X Extracts X X X X ..... ORDER Per Asha Vijayaraghavan, J.M. These cross appeals preferred by the assessee as well as revenue are directed against the order of CIT(A)-VI, Hyderabad dated 25/05/2012 for the assessment year 2008-09. 2. Briefly the facts of the case are that the assessee filed return of income for the year under consideration on 17/09/2008, declaring an income of Rs. 2,65,670/-. A survey u/s 133A was conducted in the business premises of the assessee on 19/02/2009 during which various discrepancies were noticed. As a result, the assessee admitted additional incomes of Rs. 10 lakhs, Rs. 20 lakhs and Rs. 50 lakhs for the AYs 2007-08, 2008-09 and 2009-10 respectively. Accordingly, the assessee filed a revised return for the AY 2008-09 declaring an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ve already been paid during the year without deducting tax at source. Respectfully following the said decision, the CIT(A) deleted the disallowances made by the AO u/s 40(a)(ia) of the Act. 5. The only ground, which is the subject matter in these appeals, is pertaining to the addition of Rs. 25,97,005/- towards inflation of cost of land. 6. The assessee had debited a sum of Rs. 27,14,005/- towards cost of land in its P L A/c whereas the AO found that the cost as per the sale deed was only Rs. 1,17,000/-. The AO therefore added the difference of Rs. 25,97,005/- to the income of the assessee. 4. On appeal, the CIT(A) extracted the contents in the letter dated 29/12/2010 filed by the assessee before the AO at pages 5 to 7 and thereafter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee at Rs. 24,93,175/-, @ 15% of the turnover from which deduction is to be allowed towards remuneration and interest to partners." 5. Aggrieved by the order of the CIT(A), both the assessee and the revenue are in appeal before us and has raised the following grounds of appeal:- 6. The revenue has raised the following grounds of appeal:- "1. The CIT(A) erred on both facts and in law in granting relief of the assessee. 2. The CIT(A) ought to have accepted the registered document value of the land purchased and registered by the assessee and erred in estimating the profit at 15% before allowing partners remuneration and interest. 3. The CIT(A) ought to have considered the nature of business and quantum of the turnover and othe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was conducted at the business premises of the assessee by the Department. During the course of survey certain documents and books of account were impounded by the AO and statements of both the partners were recorded. In these circumstances, since the assessee has submitted the profit and loss account where the assessee has declared the cost of land, the AO is directed to consider the material/documents to arrive at the cost of land and assessment shall be made de novo after examining the statements made by the partners during the course of survey. With this direction, the appeal is set-aside for statistical purposes. 10. In the result, both the appeals under consideration are allowed for statistical purposes. - - TaxTMI - TMITax - Inc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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