9911796707
TMI Blog2015 (10) TMI 1402X X X X Extracts X X X X X X X X Extracts X X X X ..... om the abovesaid amount, instead of showing the same in the assets side of the balance-sheet. If the assessee had shown the work-in-progress amount in the asset side of the balance-sheet, then the matter would have been more clear. Thus, we notice that there is a conceptual misunderstanding on the part of the learned Commissioner of Income-tax about the facts prevailing in this case. When the learned Commissioner of Income-tax proceeds on erroneous line on misunderstood facts and accordingly passes the revision order, in our view, the same cannot be sustained. - Decided in favour of assessee. - I .T.A. No.634/Mum/2012 - - - Dated:- 16-1-2015 - S/SHRI H.L. KARWA AND B.R.BASKARAN For the Appellant : Shri Firoze B Andhyarujina For ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 08 crores and the project is required to be completed within 56 months from the date of contract. According to the learned Commissioner of Income- tax, during the year under consideration, the assessee incurred project cost of ₹ 47.59 crores and raised a bill of ₹ 48.06 crores and the difference between the two, i.e., ₹ 46.57 lakhs was the profit earned by the assessee during the year under consideration. However, it was seen by him that the assessee had declared an income of Rs. one lakh only and the same was also accepted by the Assessing Officer. Accordingly, the learned Commissioner of Income-tax came to the conclusion that the assessment order is erroneous and prejudicial to the interests of the Revenue. 4. The lea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tract amount. Accordingly he submitted that the contract has not reached a reasonable level warranting estimation of income. Despite this fact that the assessee has declared income of Rs. one lakh and the same has been accepted by the Assessing Officer. Accordingly, the learned authorised representative submitted that the learned Commissioner of Income-tax has entertained an erroneous view about the facts prevailing in the instant case and hence the impugned order is liable to be set aside. 6. On the contrary, the learned Departmental representative placed reliance on the order passed by the learned Commissioner of Income-tax and submitted that the financial statements show that the assessee has earned an income of ₹ 46.57 lakhs. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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