9911796707
TMI Blog2023 (10) TMI 1137X X X X Extracts X X X X X X X X Extracts X X X X ..... erred by the assessee against the order of Learned Commissioner of Income-tax (Appeals)-NFAC, Delhi [hereinafter referred to Ld. 'CIT(A)'] dated 11.02.2023 for the Assessment Year (in short 'AY') 2012-13. 2. The issue raised in ground no. 1 is against the confirmation of addition of Rs. 14,71,000/- by Ld. CIT(A) thereby upholding the order of the Assessing Officer (in short ld. 'AO'). 3. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee as advances whereas the flats have been sold to these parties during the year. 4. in the appellate proceedings Ld. CIT(A) has simply affirmed the addition made by the AO. 5. After hearing the rival contentions and perusing the material on record, we find that undisputedly the assessee has constructed flats which were in the process of sale. We note that the assessee has accordingly receiv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ve also been paid. We are surprised to note that the AO has treated the advances as bogus in respect of which the sale deeds were executed in the subsequent years. Under these circumstances, we are not in the position to sustain the order of Ld. CIT(A) and accordingly we set aside the same and direct the AO to delete the addition of Rs. 14.71 Lakh. Therefore, ground no. 1 raised by the assessee is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee. Ld. CIT(A) justified the order of addition on the ground that major part of the expenditure was in respect of the unsold flats which was part of the closing work-in-progress carried forward in the balance sheet and thus, justified the addition on the wrong reasoning. After examining profit and loss account, the vouchers filed by the assessee, we note that these were expenses incurred in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... expenses that too without any basis. Hence, we set aside the order of Ld. CIT(A) and direct the AO to delete the addition of Rs. 16,75,860/-. 9. The other issues raised by the assessee were not pressed at the time of hearing and therefore ground nos. 3, 4 & 5 are dismissed as not pressed. 10. Ground nos. 6 & 7 are general in nature and need no adjudication. 11. In the result, the appeal filed ..... X X X X Extracts X X X X X X X X Extracts X X X X
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