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TMI Blog2012 (12) TMI 1028X X X X Extracts X X X X X X X X Extracts X X X X ..... A) ORDER Joginder Singh (Judicial Member) The Revenue is aggrieved by the impugned order dated 6 th February, 2012 passed by the learned first appellate authority, Delhi. The only ground argued by Mrs.Sushma Singh, learned CIT-DR is that on the facts and in the circumstances and in law, the learned CIT(A) erred in deleting the disallowance of Rs. 38,40,000/- made u/s 40A(3) of the Act. It was s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd at the appropriate stage, when claim will be made by the assessee , the department is free to decide as per law. 2. We have considered the rival submissions and perused the material available on record. The facts in brief are that the assessee company gave advances for purchase of agricultural land in District Panchkula amounting to Rs. 9,44,87,748/-, out of which, Rs. 7,52,87,748/- were paid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h the balance sheet as on 31.3.2007 with its schedules and the profit & loss account and it was found from the same that the amount of Rs. 9,44,87,748/- was shown as loans and advances in Schedule-II under the head "current assets, loans and advances" and there was no stock in trade either appearing in the balance sheet or profit and loss account as on 31.3.2007, meaning thereby, advances paid to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the impugned order, there is a mention that as and when the investment made by way of advances to the farmers, for purchase of land, will be treated as part of work in progress/stock in trade, it will be decided in accordance with law. Meaning thereby, the relief has been granted with the rider. In such a situation, we find no infirmity in the conclusion drawn in the impugned order, consequently, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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