AGRA DEVELOPMENT AUTHORITY,AGRA vs. DCIT., CIRCLE-1, AGRA

The appeals of the assessee are allowed and the appeal of the revenue is dismissed

capital nature and allowing depreciation thereon is wholly illegal. The addition is wholly illegal which may kindly be directed to be deleted. 28. Because the Ld. CIT(A) erred, both in law and on facts, in sustaining the addition of Rs 5,91,907/- out of Rs 17,57,752/- made by the assessing officer under the head "expenditure overstated

ITO 1(1)(1)(5), AGRA vs. SHANTI CONSTRUCTIONS , AGRA

In the result, the appeal filed by revenue is dismissed

Bench: Shri Sudhanshu Srivastava & Dr. Mitha Lal Meenaincome Tax Officer, Ward,1(1)(5), Vs.. M/S Shanti Constructions, Ug-13, Aayakar Bhawan, Agra Shanti Madhuvan Plaza, Delhi Gate, Agra (Appellant) (Pan: Aaufs3185N) (Respondent)

5 to 8 of written submissions dated 30th March, 2015 (pages 99 to 102 of paper compilation) had duly apprised the learned AO that it since the inception of business has been consistently following mercantile system of accounting and it has adopted project completion method as specified in accounting standard-9 (AS-9) because it is a builder and promoter