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TMI Blog2015 (11) TMI 1807X X X X Extracts X X X X X X X X Extracts X X X X ..... on facts. 2. On the facts and in circumstances of the case the impugned order of the learned CIT(A) is perverse in as much as he has proceeded on the erroneous footing that additional evidence has been filed by the appellant and further he has declined admission of the so called additional evidence byciting Rule 46A of the Income tax Rules, 1962 without appreciating that the entire facts and evidence regarding the Demo Zone Project and the Kanhan Project had been filed before the Ld. Asst. Commissioner of Income-tax Circle 17(1), New Delhi (hereafter referred to as "AO"] 3. On the facts and in circumstances of the case the learned CIT(A) has erroneously sustained the action of the AO in making an addition of Rs. 3,85,036/- in the Nagpur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 59,56,74,487/- on the budgeted estimated cost of Kanhan project of Rs. 59,37,45,358/- thereby computing a budgeted profit of Rs. 19,29,129/- which works out to 0.32%. Similarly on Project Demo Zone, the assessee has shown total budgeted cost of Rs. 21,04,89,514/- against the likely revenue from the said project at Rs. 21,51,06,226/-, computing budgeted profit of Rs. 46,16,712/- which works out to 2.15%. The AO noticed that vide Annexure VII of the Tax Audit Report u/s. 44AB, the Tax Auditor has reported that the assessee has gross profit margin of 27.61%. The Assessing Officer, therefore, after considering the reply of assessee therefore, computed short recognition of Revenue by the assessee at Rs. 3,30,55,975/- in respect of Kanhan Project ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vidences furnished by assessee were in the nature of additional evidences to be admitted on record under rule 46A. Per contra, the assessee has claimed to have not submitted any additional evidence. In such situation, we are of the opinion, that without delving into this controversy, the assessee should be given an opportunity to get consideration on the details/evidences of both the projects. The matter, therefore, deserves to be restored to the file of AO for passing the assessment order after considering the details/evidences submitted by the assessee pertaining to budgeted cost of both the projects and revenue recognition therefrom. We, therefore, set aside the impugned order and remit the case back to the file of Assessing Officer on t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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