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TMI Blog2015 (7) TMI 35X X X X Extracts X X X X X X X X Extracts X X X X ..... sallowance of Rs. 56,04,681/- made on account of interest expenses." 3. The learned DR has referred to relevant portions of the assessment order in support of the case of the Revenue. He submitted that the AO has passed a well reasoned speaking order on this issue, and therefore, it should be confirmed. He submitted that the assessee has not furnished any evidence of nexus between the expenses incurred and the corresponding income earned, and that there was no nexus between loan taken and interest payment on loan and purchase of land. The learned counsel for the assessee has relied on the order of the CIT(A). 4. We have considered rival submissions and perused the orders of the AO and the CIT(A). We find that the CIT(A) has elaborately di ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . The learned DR referred to relevant portions of the assessment order in support of the case of the Revenue. He submitted that the assessee has made wrong calculation of work-in-progress during the relevant period. He submitted that the structural engineer, Shri J.P. Shah's certificate was not having any credibility for the reasons recorded by the AO in his assessment order. The learned counsel for the assessee has relied on the order of the CIT(A). 7. We have considered rival submissions and orders of the AO and the CIT(A). We find that the CIT(A) has passed a well reasoned speaking order on this issue. The CIT(A) has recorded that the AO has not rejected books of accounts of the assessee and has made addition to closing stock based on t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the order of the CIT(A) is required to be sustained and appeal filed by the ITO, Ward-9(4) is requires to be dismissed. 2. The ld.CIT(A) has rightly deleted addition of Rs. 73,48,000 made to the valuation of closing work in progress by taking tin consideration evidences facts of the case, provisions of law and by a passing a speaking order and therefore, the order of the CIT(A) is required to be sustained and appeal filed by the ITO, Ward-9(4) is requires to be dismissed." 9. We have heard parties. These grounds of the CO are merely supporting the order of the CIT(A), and therefore, are not adjudicated upon, and are dismissed. 10. The ground no.3 of the CO is as under: "3. The ld.CIT(A) has erred in confirming Depreciation @15% instead ..... X X X X Extracts X X X X X X X X Extracts X X X X
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