M/S PROSPEROUS BUILDCON PVT. LTD.,,NEW DELHI vs. PR.CIT, NEW DELHI
The appeal of the assessee is allowed
ITA 2648/DEL/2016[2006-07]Status: DisposedITAT Delhi01 Nov 2017AY 2006-07
Bench: Shri Sudhanshu Srivastava & Shri Prashant Maharishiassessment Year : 2006-07 Prosperous Buildcon Pvt. Ltd., Vs Pr. Cit, 17-B, Mgf House, Delhi-7, Asaf Ali Road, New Delhi. New Delhi. (Pan: Aadcp4389H) (Appellant) (Respondent) Appellant By : S/Shri Ajay Vohra, Sr. Adv., Gaurav Jain, Adv. Respondent By : Smt. Pramita Tripathy, Cit Dr
For Appellant: S/Shri Ajay Vohra, Sr. Adv., Gaurav Jain, AdvFor Respondent: Smt. Pramita Tripathy, CIT DR
Section 143Section 147Section 148Section 263Section 40ASection 40A(3)
…ng years and as such there was a clear violation of the provisions of section 40A(3) of the Act by the assessee. The Ld. CIT DR also placed reliance on an order of the ITAT Jodhpur bench in the case of Vaishali Builders and Colonisers versus ACIT reported in 138 ITD 227 wherein the ITAT Jodhpur Bench had held that since the assessee was dealing in real estate and the land purchased was stock in trade, the payment made for purchase of land was expenditure in the business of the assessee and attracted the provisions of section 40A (3) of the Act. The Ld. CIT DR prayed that the order passed under section 263 of th…
