MULTICON DEVELOPERS PVT. LTD.,PUNE vs. ASSISTANT COMMISSIONER OF INCOME-TAX,

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ITA 2154/PUN/2016Status: DisposedITAT Pune29 November 2018AY 2010-119 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal restored the work-in-progress addition to the AO for verification of details. It upheld the addition for rental income and disallowance of proportionate expenses, but deleted the addition for interest on loans.

What were the facts?

During a survey, the assessee offered Rs. 1 crore as income. Later, the Assessing Officer (AO) added Rs. 99,06,803/- based on 15% profit in closing work in progress, which was reduced to Rs. 79.25 lakh by the CIT(A). The assessee also faced additions for rental income and interest on loans.

What were the issues?

Whether additions for work-in-progress, rental income, and interest on loans were justified, and whether proportionate disallowances of expenses were correct.

Which sections of the Income-tax Act were involved?

Section 133A,Section 38(2),Section 36(1)(iii)

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(3)Show list

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Income Tax Appellate Tribunal, PUNE BENCH “B”, PUNE

Before: SHRI R.S. SYAL & SHRI VIKAS AWASTHY

For Appellant: Shri A.V. Iyer
For Respondent: Shri K.K. Ojha

आदेश क� क� क� �ितिलिप क� �ितिलिप �ितिलिप अ�ेिषत �ितिलिप अ�ेिषत अ�ेिषत/Copy of the Order is forwarded to: अ�ेिषत आदेश आदेश आदेश

1.

अपीलाथ� / The Appellant; 2. ��यथ� / The Respondent; 3. आयकर आयु�(अपील) / The CIT (Appeals)-7, Pune 4. The Pr.CIT-6, Pune िवभागीय �ितिनिध, आयकर अपीलीय 5. अिधकरण, पुणे “बी बी बी” / DR ‘B’, ITAT, Pune; बी 6. गाड� फाईल / Guard file. // True copy //

आदेशानुसार आदेशानुसार/ BY ORDER, आदेशानुसार आदेशानुसार

// True Copy // Senior Private Secretary आयकर अपीलीय अिधकरण ,पुणे / ITAT, Pune

Date 1. Draft dictated on 28-11-18 Sr.PS 2. Draft placed before author 28-11-18 3. Draft proposed & placed before the second member 4. Draft discussed/approved by Second Member. 5. Approved Draft comes to the Sr.PS/PS 6. Kept for pronouncement on 7. File sent to the Bench Clerk 8. Date on which file goes to the AR 9. Date on which file goes to the Head Clerk. 10. Date of dispatch of Order.

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