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Facts
The assessee, a partnership firm engaged in real estate development, was assessed under sections 143(3) r.w.s 147. The Assessing Officer disallowed a reduction from WIP based on a remark in the Tax Audit Report, as the assessee did not reduce WIP in the Balance Sheet and failed to respond to notices. The assessee's appeal to the CIT(A) was dismissed for non-appearance and lack of evidence.
Held
The Tribunal noted that the assessee neither produced evidence nor participated in the appellate proceedings before them. Consequently, the Tribunal decided not to take a lenient view.
Key Issues
Whether the disallowance of WIP reduction by the Assessing Officer was justified and whether the CIT(A) correctly dismissed the appeal.
Sections Cited
143(3), 147, 40(a), 250
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Income Tax Appellate Tribunal, MUMBAI BENCH “G”, MUMBAI
Before: SHRI NARENDER KUMAR CHOUDHRY & SHRI RATNESH NANDAN SAHAY
O R D E R