9911796707
TMI Blog2009 (12) TMI 47X X X X Extracts X X X X X X X X Extracts X X X X ..... he Income Tax Appellate Tribunal is right in disallowing the direct expenditure incurred towards various projects as claimed by the appellant? 3. The facts culled out from the statement of facts contained in the memorandum of grounds are as follows: The assessee is engaged in the business of promotion of real estate and construction. For the assessment year 1997-98, the assessee filed return of income on 28.11.1997 admitting the total income of Rs.1,08,720/-. While completing the assessment, among other disallowances, the Assessing Officer disallowed a sum of Rs.12,29,025/- towards direct expenses, namely, site electricity, site expenses, commission, rent etc. The Assessing Officer chose to disallow the direct expenditure in respect of fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t be considered even before this court. They have taken alternate plea that this amount can be considered in respect of future assessment year where the project earn income, which clearly shows that they are not specific about the expenditure for which they are seeking deduction. 6. We have heard the learned counsel on either side and perused the material on record. We are unable to appreciate the way in which the assessee filed the appeal. It is clear from the assessment order where the amount of Rs.12,29,025/- claimed as expenses has been accepted by the assessee itself that the claim should be disallowed. For the sake of clarity, we reproduce the observation available in the assessment order, which is as follows: "The assessee's ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sp; Rs.3,29,112/- 3) Gayathri : Rs. 35,000/- 4) K. Arcade : Rs.6,59,988/- --------------------------- TOTAL &n ..... X X X X Extracts X X X X X X X X Extracts X X X X
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