9911796707
TMI Blog2016 (4) TMI 415X X X X Extracts X X X X X X X X Extracts X X X X ..... as under : "On facts and in law, 1. The Ld.CIT(A) erred in confirming the action of the Ld.A.O. in valuing the WIP at Rs. 2,41,80,000/- as against the value of Rs. 7,53,48,000/- claimed by the assessee. Without prejudice to the above ground, the assessee submits as under : 3. The Ld.CIT(A) erred in holding that the Ld. A.O. was justified in valuing the closing WIP in respect of DN Mulik Complex on the basis of the decision of District Civil Court without appreciating that the said decision was not accepted by the assessee and hence, the closing WIP shown by the assessee should have been accepted. 4. The Ld.CIT(A) failed to appreciate that the assessee had actually carried out the work to the tune of Rs. 7,53,48,000/- and hence, ther ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... im, the decision of City Civil Court has clearly ordered the work done and provision as mentioned above. Therefore, the WIP in respect of Mr. D.N. Mulik Complex was disallowed by the AO to the extent of Rs. 5,11,68,000/-. 8. Before CIT(A) the assessee submitted that the construction work of the Mulik Complex was partly completed, which had been agreed to be built for Shri Mulik as per agreement dated 20-06-1996 and the cost of construction completed as on 31- 03-2007 was Rs. 5,48,48,000/- and the said cost was recorded as work-in-progress along with Rs. 2,05,00,000/- as provision for estimated damages to be recovered from Shri D.N. Mulik for cancellation of agreement. Thus, the total cost of the work-inprogress of Mulik Complex was recorde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t not have been accepted by the appellant being not favourable and preferred further appeal before the High Court, the Civil Court verdict whereby the issue has reached finality would be effective/operative till the decision of the Hon'ble High Court. Thus the value determined by the Civil Court has rightly been considered by the Assessing Officer as the value of closing work-in-progress. In such circumstances and facts of the case the contention raised by the appellant cannot be considered and the Assessing Officer's action in valuing the closing work-inprogress at Rs. 2,41,80,000/- on the basis of the decision of District Civil Court is upheld." 10. Aggrieved with such order of the CIT(A) the assessee is in appeal before us. 11. ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
