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ITA No.596/Mum/2017. Case: Ms. Walia Realtors Pvt. Ltd., Vs ITO 8(3)(4). ITAT (Income Tax Appellate Tribunal)

Judgment Cited in Precedent Map Related
Case NumberITA No.596/Mum/2017
CounselFor Appellant: Shri Rushabh Chheda, Adv. and For Respondents: Shri A.K.Kardam, Adv.
JudgesShri R.C.Sharma, AM
IssueIncome tax Act - Section 143
Judgement DateTuesday May 16, 2017
CourtITAT (Income Tax Appellate Tribunal)

Order:

Shri R.C.Sharma, AM

  1. This is an appeal filed by the assessee against the order of CIT(A)-18, Mumbai dated 07/10/2016 for the A.Y.2011-2012 in the matter of order passed u/s.143(3) of the IT Act.

  2. The grounds taken by assessee reads as under:-

    "1. The Commissioner of Income Tax (Appeals)-18, Mumbai erred in confirming the action of the Assessing Officer in disallowing loss of Rs.20,73,504/-."

  3. Rival contentions have been heard and record perused.

  4. Facts in brief are that assessee is engaged in the business of construction and development of properties. In the year under consideration, the assessee has not offered any income from business of its construction activity. The expenses incurred on construction activity to the tune of Rs. 7,98,20,299/ - shown as work in progress had been capitalized and transferred to balance sheet under the head current assets...

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