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TMI Blog2015 (10) TMI 1864X X X X Extracts X X X X X X X X Extracts X X X X ..... stances, I fail to understand as to how a finding has been arrived by authorities below that no business activity was carried out by assessee. The office rent claimed by assessee was a necessary business expenditure and, therefore, could not be denied to assessee. Therefore, set aside the order of Ld. CIT (A) and direct the Assessing Officer to allow the office rent also along with audit fees and filing fee and compute the income accordingly. - Decided in favour of assessee. - ITA No. 739/Del/2014 - - - Dated:- 23-6-2015 - S. V. Mehrotra, AM,J. For the Appellant : None For the Respondent : Sh Robin Rawal, JCIT ORDER Per: S V Mehrotra, AM This is an appeal filed by the assessee against the order of CIT(A) XII, New De ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (SC) 5. He, accordingly, did not accept the loss declared in profit and loss account on ₹ 1,12,987/- treating the business income at Rs. Nil. However, considering the business expediency only the statutory expenses i.e audit fees of ₹ 38,605/-and filing fee of ₹ 928/- totaling to ₹ 39,533/- were allowed. Accordingly he computed the assessee's income as under:- Gross receipts as declared ₹ 4,74,179/- Less: Expenses as discussed above ₹ 39,533/- Net taxable income Rs.4,34,646/- Rounded off ₹ 4,34,650/- 4. Before Ld. CIT(A), t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o business was being carried on during the year but to maintain the life of the company and the accounting policies followed by the company are also mentioned by the auditors of the company in the audit report. (d) The loss as per profit and loss account was rejected without rejecting the books of account. (e) The assessee's practice of revenue recognition based on the completed project has been accepted in toto. (f) In response to Assessing Officer's query vide Question No. 24 25 dated 18th August 2011 the assessee furnished the details of opening stock and the closing stock (work in progress) with evidence of valuation (Project wise). The assessee submitted that the details of project under construction had been furnish ..... X X X X Extracts X X X X X X X X Extracts X X X X
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