2009 (12) TMI 26

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..... t find favour with the assessing authority but has been accepted by the First Appellate Authority and Tribunal as well. – held that - CIT (A) and Tribunal both followed their earlier year's order wherein it was held that there is nothing objectionable if the assessee has not disclosed the work in progress in the closing stock. The income of assessee is being assessed on the basis of profit and los .....

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..... s a registered Firm and it carried on the business of development of the properties and sale of flats. The only objection raised by the Assessing Officer after examination of the account books was that the assessee has not disclosed the work in progress in closing stock. The explanation offered by the assessee that it is following the mixed system of accounting and its receipts were being accounte .....

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..... nterest paid by the assessee to various parties?" Heard Sri Shambhu Chopra, learned standing counsel for the department. None appeared on behalf of the assessee respondent. We find that the CIT (A) and Tribunal both followed their earlier year's order wherein it was held that there is nothing objectionable if the assessee has not disclosed the work in progress in the closing stock. The income o .....

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