w w w . L a w y e r S e r v i c e s . i n



The Modern Construction Co. Pvt. Ltd., Ahmedabad v/s The Pr. CIT, Central Circle-(1)(1), Ahmedabad


Company & Directors' Information:- L & W CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45201KA2006PTC039095

Company & Directors' Information:- MODERN INDIA LIMITED [Active] CIN = L17120MH1933PLC002031

Company & Directors' Information:- N H CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45201DL2006PTC144604

Company & Directors' Information:- C S CONSTRUCTION COMPANY PRIVATE LIMITED [Active] CIN = U45201DL2005PTC140236

Company & Directors' Information:- S D CONSTRUCTION PVT LTD [Active] CIN = U45209WB1993PTC058947

Company & Directors' Information:- THE MODERN CONSTRUCTION COMPANY PRIVATE LIMITED [Active] CIN = U45201GJ1994PTC023111

Company & Directors' Information:- M K R CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45201DL2003PTC121828

Company & Directors' Information:- R K CONSTRUCTION PVT LTD [Strike Off] CIN = U00500BR1984PTC001953

Company & Directors' Information:- T D CONSTRUCTION COMPANY PRIVATE LIMITED [Active] CIN = U70101AS2002PTC006719

Company & Directors' Information:- M I A CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45204DL2013PTC248344

Company & Directors' Information:- H N CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45200JH2007PTC012923

Company & Directors' Information:- L V CONSTRUCTION COMPANY PRIVATE LIMITED [Active] CIN = U45201UP1998PTC023382

Company & Directors' Information:- A G L CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45400WB2008PTC126885

Company & Directors' Information:- C. K. CONSTRUCTION PRIVATE LIMITED [Active] CIN = U00501BR1990PTC003909

Company & Directors' Information:- CONSTRUCTION INDIA PVT LTD [Active] CIN = U45201GJ1979PTC003375

Company & Directors' Information:- H R CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45201UP2002PTC026867

Company & Directors' Information:- M B N CONSTRUCTION PRIVATE LIMITED [Active] CIN = U70101AS2004PTC007322

Company & Directors' Information:- V K B S CONSTRUCTION PRIVATE LIMITED [Active] CIN = U74899DL1989PTC035435

Company & Directors' Information:- N J CONSTRUCTION PRIVATE LIMITED [Active] CIN = U70102WB2012PTC186978

Company & Directors' Information:- C S R CONSTRUCTION PRIVATE LIMITED [Active] CIN = U74899DL1994PTC060034

Company & Directors' Information:- T M G CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45203UP2000PTC025597

Company & Directors' Information:- C D S CONSTRUCTION CO PVT LTD [Active] CIN = U45200MH1982PTC026703

Company & Directors' Information:- P J CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45201AS2000PTC006365

Company & Directors' Information:- A R C CONSTRUCTION PVT LTD [Active] CIN = U45202MH1996PTC096950

Company & Directors' Information:- N B S A M CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45201DL2005PTC143267

Company & Directors' Information:- J M D CONSTRUCTION PVT LTD [Strike Off] CIN = U70101WB1993PTC057456

Company & Directors' Information:- S R K CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U45200BR1998PTC008483

Company & Directors' Information:- V & C CONSTRUCTION PRIVATE LIMITED [Active] CIN = U74899DL1992PTC049012

Company & Directors' Information:- S B CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45203OR1994PTC003672

Company & Directors' Information:- O A CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U45203AR2005PTC007930

Company & Directors' Information:- J C CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45203AS1999PTC005975

Company & Directors' Information:- N A CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45200MH2009PTC192764

Company & Directors' Information:- N CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45201DL2006PTC146888

Company & Directors' Information:- V. K. CONSTRUCTION COMPANY PVT. LTD. [Active] CIN = U45102WB1991PTC050570

Company & Directors' Information:- M M CONSTRUCTION PVT LTD [Strike Off] CIN = U45200GJ1995PTC027508

Company & Directors' Information:- P. L. G. CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45400DL2007PTC171110

Company & Directors' Information:- L AND C CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45201KA2001PTC028456

Company & Directors' Information:- C R CONSTRUCTION PVT LTD [Active] CIN = U45209WB1960PTC024811

Company & Directors' Information:- J S CONSTRUCTION PVT LTD [Active] CIN = U45201OR1981PTC000921

Company & Directors' Information:- S H A CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U45202DL1996PTC076831

Company & Directors' Information:- S N S CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45204HR2009PTC039160

Company & Directors' Information:- A V M CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U45202GJ2007PTC050521

Company & Directors' Information:- M P J CONSTRUCTION (INDIA) PRIVATE LIMITED [Strike Off] CIN = U45400HR2011PTC044433

Company & Directors' Information:- A H CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U45201TN1990PTC019675

Company & Directors' Information:- A R S S V CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45202UR2020PTC011198

Company & Directors' Information:- A D CONSTRUCTION CO PRIVATE LIMITED [Strike Off] CIN = U45201UP1984PTC006464

Company & Directors' Information:- G V G CONSTRUCTION PRIVATE LIMITED [Active] CIN = U70102TN2009PTC072766

Company & Directors' Information:- D G CONSTRUCTION PRIVATE LIMITED [Active] CIN = U70102JH2012PTC000717

Company & Directors' Information:- N. B. Y. CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45201HR2019PTC079172

Company & Directors' Information:- J B F CONSTRUCTION COMPANY PRIVATE LIMITED [Active] CIN = U45200JK2008PTC002952

Company & Directors' Information:- K R P CONSTRUCTION PVT LTD [Active] CIN = U45200MH1989PTC053580

Company & Directors' Information:- R S M CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45201DL2005PTC142245

Company & Directors' Information:- R & S CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U45201BR2012PTC018727

Company & Directors' Information:- B M S CONSTRUCTION PRIVATE LIMITED [Active] CIN = U70101WB2006PTC110196

Company & Directors' Information:- E H CONSTRUCTION CO PVT LTD [Active] CIN = U45209WB1984PTC037174

Company & Directors' Information:- N AND K CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45500CT2020PTC010948

Company & Directors' Information:- A C K CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45203PN2002PTC017065

Company & Directors' Information:- D. M. CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U74140WB2000PTC091230

Company & Directors' Information:- B M CONSTRUCTION CO PVT LTD [Strike Off] CIN = U70101WB1987PTC043414

Company & Directors' Information:- S K L CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45201OR2012PTC016144

Company & Directors' Information:- P D CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45201MH2007PTC171650

Company & Directors' Information:- A M CONSTRUCTION P LTD. [Active] CIN = U99999WB1990PTC050255

Company & Directors' Information:- P B S CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45201WB2004PTC099367

Company & Directors' Information:- J B M CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U45209WB2008PTC124938

Company & Directors' Information:- S. Z. CONSTRUCTION PRIVATE LIMITED [Active] CIN = U74999WB2011PTC163934

Company & Directors' Information:- P K S CONSTRUCTION CO PRIVATE LIMITED [Active] CIN = U45200HP2004PTC027694

Company & Directors' Information:- H D G CONSTRUCTION PRIVATE LIMITED [Active] CIN = U74899DL1988PTC032183

Company & Directors' Information:- S R B CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U45201DL2004PTC130817

Company & Directors' Information:- N T C CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45201KL2001PTC014853

Company & Directors' Information:- S. P. CONSTRUCTION INDIA PRIVATE LIMITED [Active] CIN = U70100WB2019PTC233077

Company & Directors' Information:- S A M CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45200HR2020PTC088988

Company & Directors' Information:- C S CONSTRUCTION INDIA PRIVATE LIMITED [Active] CIN = U45200MH2020PTC346811

Company & Directors' Information:- G B CONSTRUCTION COMPANY PVT LTD [Strike Off] CIN = U74210PB1995PTC016038

Company & Directors' Information:- A K CONSTRUCTION CO PVT LTD [Active] CIN = U45400WB1983PTC035682

Company & Directors' Information:- D. D. A. CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45201JH2008PTC013043

Company & Directors' Information:- K. G. G. CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45400MN2010PTC008256

Company & Directors' Information:- G N B B CONSTRUCTION PRIVATE LIMITED [Active] CIN = U70101AS2004PTC007418

Company & Directors' Information:- H. N. D. CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45200JH2011PTC015162

Company & Directors' Information:- M E CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U45200DL2007PTC171643

Company & Directors' Information:- C S COMPANY CONSTRUCTION LIMITED [Active] CIN = U45201KL1997PLC011174

Company & Directors' Information:- L K I CONSTRUCTION PVT LTD [Active] CIN = U70101WB1993PTC058304

Company & Directors' Information:- S K CONSTRUCTION PVT LTD [Active] CIN = U45201WB1994PTC065714

Company & Directors' Information:- MODERN INDIA CONSTRUCTION CO PVT LTD [Strike Off] CIN = U45400WB1954PTC000510

Company & Directors' Information:- D T M CONSTRUCTION PVT LTD [Active] CIN = U45201WB1978PTC031730

Company & Directors' Information:- D L CONSTRUCTION PVT LTD [Strike Off] CIN = U45400WB1982PTC035570

Company & Directors' Information:- S V G CONSTRUCTION PRIVATE LIMITED [Active] CIN = U74899DL1994PTC055629

Company & Directors' Information:- M N P CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45200MH1980PTC022351

Company & Directors' Information:- A H A CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45400UP2010PTC040773

Company & Directors' Information:- S T S CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U60109WB1996PTC081825

Company & Directors' Information:- J J CONSTRUCTION PVT. LTD [Strike Off] CIN = U45200WB1989PTC046714

Company & Directors' Information:- D P CONSTRUCTION PVT LTD [Strike Off] CIN = U70101WB1987PTC042320

Company & Directors' Information:- B B G CONSTRUCTION PVT LTD [Strike Off] CIN = U45201WB1993PTC059618

Company & Directors' Information:- G S CONSTRUCTION PVT LTD [Strike Off] CIN = U45201WB1994PTC063238

Company & Directors' Information:- P S S S K CONSTRUCTION CO PVT LTD [Strike Off] CIN = U45201WB2006PTC107993

Company & Directors' Information:- S E CONSTRUCTION PVT LTD [Strike Off] CIN = U45202WB1988PTC044630

Company & Directors' Information:- H K CONSTRUCTION PVT LTD [Active] CIN = U45201GJ1981PTC004160

Company & Directors' Information:- A V CONSTRUCTION CO PVT LTD [Active] CIN = U45202PB1982PTC004971

Company & Directors' Information:- G N CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U45202OR2000PTC006244

Company & Directors' Information:- D P T CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45202MH2001PTC131559

Company & Directors' Information:- J CONSTRUCTION INDIA PRIVATE LIMITED [Active] CIN = U45200TZ2012PTC018250

Company & Directors' Information:- N B S D CONSTRUCTION PVT. LTD. [Strike Off] CIN = U45201WB1993PTC058364

Company & Directors' Information:- S K E CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U45202JH2012PTC000666

Company & Directors' Information:- A K G CONSTRUCTION PRIVATE LIMITED [Converted to LLP and Dissolved] CIN = U45201DL2005PTC134347

Company & Directors' Information:- L J CONSTRUCTION PRIVATE LIMITED [Active] CIN = U74899DL2005PTC142321

Company & Directors' Information:- R H P CONSTRUCTION COMPANY PRIVATE LIMITED [Strike Off] CIN = U45203MP2001PTC014739

Company & Directors' Information:- R AND M CONSTRUCTION COMPANY PRIVATE LIMITED [Strike Off] CIN = U45202UP1994PTC017286

Company & Directors' Information:- B AND R CONSTRUCTION PVT LTD [Strike Off] CIN = U45201AS1990PTC003431

Company & Directors' Information:- J K CONSTRUCTION PVT LTD [Strike Off] CIN = U74210OR1987PTC001858

Company & Directors' Information:- B T CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U70101WB1997PTC085448

Company & Directors' Information:- P V CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U70100DL1998PTC097116

Company & Directors' Information:- M T CONSTRUCTION PVT LTD [Strike Off] CIN = U26933OR1985PTC001496

Company & Directors' Information:- A K CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U29248UR1982PTC005795

Company & Directors' Information:- P B CONSTRUCTION (INDIA) LIMITED [Strike Off] CIN = U01131TN1995PLC032650

Company & Directors' Information:- S K P CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U45201CT2008PTC020585

Company & Directors' Information:- A P G CONSTRUCTION COMPANY PRIVATE LIMITED [Strike Off] CIN = U45400DL2007PTC168160

Company & Directors' Information:- B. CONSTRUCTION PVT. LTD. [Strike Off] CIN = U00894BR1989PTC003616

Company & Directors' Information:- Y S K CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U45201DL2005PTC134417

Company & Directors' Information:- P K A S CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U74899DL2005PTC138117

Company & Directors' Information:- R G M CONSTRUCTION PRIVATE LIMITED [Under Process of Striking Off] CIN = U45200BR1992PTC004863

Company & Directors' Information:- A TO Z CONSTRUCTION CO PRIVATE LTD [Strike Off] CIN = U70101DL1987PTC029674

Company & Directors' Information:- O S CONSTRUCTION PVT LTD [Strike Off] CIN = U00351JH1990PTC003764

Company & Directors' Information:- D I CONSTRUCTION PRIVATE LIMITED [Active] CIN = U74899DL1994PTC061454

Company & Directors' Information:- P N CONSTRUCTION PRIVATE LIMITED [Converted to LLP] CIN = U45201DL2003PTC122894

Company & Directors' Information:- A + E CONSTRUCTION PRIVATE LIMITED [Active] CIN = U74899DL1990PTC042290

Company & Directors' Information:- S N CONSTRUCTION PVT LTD [Strike Off] CIN = U45203OR1983PTC001211

Company & Directors' Information:- P N R CONSTRUCTION PVT LTD [Strike Off] CIN = U99999MH2006PTC158802

Company & Directors' Information:- J. K. D. CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U45209PB2009PTC033102

Company & Directors' Information:- B H CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45200MH2009PTC193976

Company & Directors' Information:- K L G CONSTRUCTION INDIA PRIVATE LIMITED [Strike Off] CIN = U45201MH2015PTC264933

Company & Directors' Information:- J W CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U45400MH2010PTC198916

Company & Directors' Information:- U N CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U45400PN2014PTC150730

Company & Directors' Information:- G T K CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45200MH1996PTC096261

Company & Directors' Information:- J B CONSTRUCTION PVT LTD [Strike Off] CIN = U45200MH2004PTC025668

Company & Directors' Information:- U S CONSTRUCTION AND COMPANY PRIVATE LIMITED [Strike Off] CIN = U45200MH2004PTC149583

Company & Directors' Information:- R M J CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U70102UP2010PTC040949

Company & Directors' Information:- M V CONSTRUCTION COMPANY PVT LTD [Strike Off] CIN = U45400WB1967PTC011413

Company & Directors' Information:- A P L CONSTRUCTION COMPANY PRIVATE LIMITED [Strike Off] CIN = U45209HP2010PTC031395

Company & Directors' Information:- H AND K CONSTRUCTION COMPANY PRIVATE LIMITED [Strike Off] CIN = U70200HP2014PTC000633

Company & Directors' Information:- I. A. A. CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U45204DL2011PTC220447

Company & Directors' Information:- R M D CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U45400DL2008PTC185164

Company & Directors' Information:- A R M CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45400DL2008PTC185770

Company & Directors' Information:- G-5 CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U45400DL2014PTC265907

Company & Directors' Information:- U P CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45400DL2014PTC271791

Company & Directors' Information:- V 2 S CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U45400DL2014PTC273750

Company & Directors' Information:- A T N CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45400DL2015PTC288656

Company & Directors' Information:- I G CONSTRUCTION COMPANY PRIVATE LIMITED [Strike Off] CIN = U45201DL1996PTC077365

Company & Directors' Information:- P P S CONSTRUCTION COMPANY PRIVATE LIMITED [Active] CIN = U45201DL2005PTC138608

Company & Directors' Information:- S S N V CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45201DL2005PTC142918

Company & Directors' Information:- K. C. CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U45201DL2012PTC231726

Company & Directors' Information:- N R D CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U45201DL2012PTC244905

Company & Directors' Information:- S A Z CONSTRUCTION COMPANY PRIVATE LIMITED [Strike Off] CIN = U70102DL2014PTC267130

Company & Directors' Information:- A & Z CONSTRUCTION CO. PRIVATE LIMITED [Strike Off] CIN = U70101DL2012PTC231712

Company & Directors' Information:- J M M CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U45200BR2014PTC021845

Company & Directors' Information:- B & U CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U45203GJ2013PTC075424

Company & Directors' Information:- U. A. CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45201HR2020PTC086153

Company & Directors' Information:- C P CONSTRUCTION PVT LTD [Strike Off] CIN = U70101WB1988PTC043759

Company & Directors' Information:- K P CONSTRUCTION (INDIA) PVT LTD [Strike Off] CIN = U74210WB1985PTC039394

Company & Directors' Information:- T K CONSTRUCTION PVT LTD [Strike Off] CIN = U74210WB1985PTC039731

Company & Directors' Information:- A P S CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U45201BR1986PTC002374

Company & Directors' Information:- A B G S CONSTRUCTION PVT LTD [Strike Off] CIN = U45201WB1986PTC040667

Company & Directors' Information:- G B S S CONSTRUCTION COMPANY PRIVATE LIMITED [Strike Off] CIN = U45201PN2000PTC015546

Company & Directors' Information:- B P CONSTRUCTION CO PVT LTD [Strike Off] CIN = U95201WB1955PTC022488

Company & Directors' Information:- A R CONSTRUCTION PVT LTD [Strike Off] CIN = U45201CH1988PTC008459

Company & Directors' Information:- A S G CONSTRUCTION CO. PRIVATE LIMITED [Strike Off] CIN = U70200DL1996PTC075278

Company & Directors' Information:- W & C CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U45209PN2006PTC129169

Company & Directors' Information:- T & A CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U45400DL2007PTC164939

Company & Directors' Information:- S R S S CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U45400DL2008PTC176504

Company & Directors' Information:- B C R CONSTRUCTION PRIVATE LIMITED [Active] CIN = U99999MH1979PTC021005

Company & Directors' Information:- THE CENTRAL CONSTRUCTION LIMITED [Strike Off] CIN = U99999MH1942PTC003539

Company & Directors' Information:- THE CONSTRUCTION CO OF INDIA LTD. [Dissolved] CIN = U99999MH1943PLC007425

Company & Directors' Information:- S B CONSTRUCTION CO LTD [Strike Off] CIN = U45208WB1947PLC014904

    ITA Nos. 775 of 2016 & 1000 of 2018

    Decided On, 07 January 2021

    At, Income Tax Appellate Tribunal Ahmedabad

    By, THE HONOURABLE MR. MAHAVIR PRASAD
    By, JUDICIAL MEMBER & THE HONOURABLE MR. AMARJIT SINGH
    By, ACCOUNTANT MEMBER

    For the Revenue: Virendra Ojha, CIT-D.R., L.P. Jain, Sr. D.R. For the Assessee: Arti N. Shah, A.R.



Judgment Text

1. Vide ITA No. 775/Ahd/2016 the instant appeal filed by assessee for A.Y. 2011-12, arises from order of the Pr. CIT(Central), Ahmedabad dated 26-02-2016, in proceedings under section 263 of the Income Tax Act, 1961; in short "the Act" and the other appeal vide ITA No. 1000/Ahd/2018 too filed by assessee for A.Y. 2011-12 arises from order of the CIT(A)-11, Ahmedabad dated 20-03-218 in proceeding u/s. 143(3) r.w.s. 263 the Income Tax Act, 1961; in short "the Act"2. These two appeals of the assessee are adjudicated together as similar issue and identical facts are involved in these appeals.ITA No. 775/Ahd/20163. The solitary ground of appeal of the assessee is that ld. Pr. CIT Central Ahmedabad has erred in law and on facts of the case by invoking provisions of section 263 of the Income Tax Act, 1961 though original assessment was carried out after carrying out thorough scrutiny.4. The fact in brief is that return of income of Rs. 8,83,700/- was filed on 29th Sep, 2011. The case was subject to scrutiny and assessment u/s. 143(3) of the Act was finalized on 13 Feb, 2014 accepting the return of income of Rs. 8,83,700/-. Subsequently, on verification of case record, the Pr. CIT Central Ahmedabad noticed that as per point no. 4 of Schedule 20 (notes forming part of accounts) of auditor's report, City Civil Court Ahmedabad vide its order 13th April, 2007 had dismissed the Civil Suit filed by M/s. Mukut Pipes Ltd. against the company and passed decree order for Rs. 4,53,64,640/- with 12% interest. The assessee company according to the terms of decree had recognized interest of Rs. 2,40,86,640/- on the decretal amount for the period from date of suit till 31st March, 2009, however, the company has not shown any interest on decretal amount from F.Y. 2009-10 and onward. It was also observed that neither the assessee had shown interest income @ 12% on Rs. 4,53,64,640/- in the computation income nor the Assessing Officer had verified the said issue and discussed the same in the assessment order. Therefore, a notice u/s. 263 of the Act was issued to the assessee on 11th December, 2014. In response to the notice u/s. 263, the assessee has filed its reply and the gist of the same shown at para 4 in the order of the Pr. CIT Central is reproduced as under:-"The City Civil Court, Ahmedabad has dismissed the civil suit of M/s Mukut Pipes Ltd and passed order for Rs.4,53,64,640/- with 12% interest. No interest has been recognized on decretal amount for year under consideration onwards.Inspite of the order of Hon'blc the assessee has not received anything from Mukut Pipes Ltd i.e. Rs.4,53,64,640/- as well as interest thereof Rs.2,40,86,760/-. The assessee has relied on various cases laws.The A.O, has passed order U/s 143(3) of I.T. Act after considering the details available on records and evidences filed by assessee. Further, the two circumstances exist to enable the CIT to exercise power of revision under this sub-section (i) the order of the assessing officer sought to be revised is erroneous; and (ii) it s prejudicial to the interest of Revenue. Provision of Section 263 cannot be invoked to correct each & every type of mistake committed by A. O. It will attract when the order passed by A.O. is erroneous and which resulted in loss to revenue.In the instant case the issue taken up by CIT either enquired or adjudicated by A.O. The order passed by is proper and well reasoned. Action inflated U/s 263 is unwarranted and needs to be dropped."The Pr. CIT Central has not agreed with the reply of the assessee after referring the audit report at para no. 4(f)(i) wherein it was mentioned that amount receivable from Mukut Pipes Ltd. was Rs. 6,94,51,399/-, therefore, decree amount was not doubtful. The Pr. CIT has also rejected the submission of the assessee that Assessing Officer has already considered the issue while framing the assessment u/s. 143(3) of the Act. The Pr. CIT was of the view that the Assessing Officer had not conducted proper and detailed inquiry and Assessing Officer had overlooked the observation made by the Auditor in the audit report para 4(f)(i) wherein it was specifically mentioned that a sum of Rs. 6,94,51,399/- was considered as recoverable by the management of the company from Mukut Pipes Ltd. In the light of the above facts and circumstances the ld. Pr. CIT observed that Assessing Officer has not made detailed and specific inquiries with respect to interest income not offered to tax in the light of the finding of the City Civil Court Ahmedabad. After placing reliance on the decision of Malabar Industrial Co. Ltd. vs. CIT (SC) 243 ITR 83, the ld. CIT central held that the order passed by the Assessing Officer was erroneous and prejudicial to the interest of revenue and directed the Assessing Officer to make fresh assessment.ITA No. 1000/Ahd/20185. The solitary ground of appeal of the assessee is filed against the decision of ld. CIT(A) in confirming the addition of Rs. 54,45,757/- made by the Assessing Officer in respect of so called accrued interest on decree amount for the reason that the assessee was following mercantile system of accounting.6. During the course of assessment u/s. 143(3) r.w.s. 263 of the Act, the Assessing Officer has asked the assessee for not showing interest income accrued in the return of income for F.Y. 2009-10 pertaining to assessment year 2010-11 as per the decree order passed in favour of the assessee. The assessee replied that it has recognized interest income of Rs.2,40,86,760/- on decretal amount for the period from the date of suit till 31st March, 2019. Thereafter, it has not received anything towards the principal or interest from Mukut Pipe and there was no certainty of receiving the same. The assessee also submitted that there was no hope of recovery and filed copy of account of Mukut Pipes Ltd. The Assessing Officer has not accepted the explanation of the assessee stating that during the course of assessment, the assessee has filed audit report in form no. 3CD comprising notes of the auditor regarding amount of Rs. 6,94,51,399.89/- due to the Mukut Pipes considered as receivable by the management. Therefore, the Assessing Officer has computed accrued interest of Rs. 54,43,757/- being 12% of Rs. 4,53,64,640 and added to the total income of the assessee.7. The assessee has filed appeal before the ld. CIT(A). The ld. CIT(A) has sustained the addition made by the Assessing Officer.8. During the course of appellate proceedings before us, the ld. counsel had filed paper book comprising copies of documents and details filed during the course of assessment and appellate stage before the Assessing Officer and ld. CIT(A). The ld. counsel has submitted that during the course of assessment, the Assessing Officer has called specific details of the amount due from Mukut Pipes Ltd. and also called the details about the decree order of the city civil court in favour of the company. The ld. counsel referred page no. 71 and 73 of the paper book wherein the Assessing Officer has specifically made enquiries from the Assessing Officer about the aforesaid issues. The ld. counsel has also referred pages no. 57 & 58 of the paper book pertaining to the details submitted by the assessee in respect of amount of Rs. 6,94,51,399/- due from Mukut Pipes Ltd. and the decree order passed by the City Civil Court in favour of the assessee. The ld. CIT(A) counsel has also placed reliance on the judicial pronouncements, copies of which placed in the paper book.On the other hand, the ld. Departmental Representative has submitted that there is no detail about the enquiries made by the Assessing Officer. It is also contended that the Assessing Officer has not drawn conclusion on the inquires raised on the issue of accrued interest on decree amount.9. Heard both the sides and perused the material on record. The Assessing Officer has finalized assessment u/s. 143(3) of the Act on 13.02.2014 accepting the return income of Rs. 8,83,700/-. Subsequently, on verification of the case records, the ld. Pr. CIT noticed that as per point no. 4 of schedule 20 (Notes forming part of the Account) of Auditor Report, City Civil Court, Ahmedabad vide order dated 30-04-2007 has dismissed Civil Suit filed by M/s Mukut Pipes Ltd. against the company and passed decree order for Rs. 4,53,64,640/- with 12% interest. The assessee company, in terms of decree recognized interest of Rs. 2,40,86,640/- on the decretal amount for the period from date of suit till 31.03.2009 however the company has not charged interest on decretal amount from F.Y. 2009-10 (A.Y. 2010-11) and onwards. In response to notice u/s. 263, the assessee has explained vide letter dated 13.01.2015 that in spite of the order of the court it has not received anything from Mukut Pipes Ltd i.e. Rs. 4,53,64,640/- as well as interest thereof Rs. 2,40,86,760/-. It is also explained that the Assessing Officer had passed order u/s. 143(3) of the Act after considering details and evidences filed by the assessee and the issue taken by the Pr. CIT were enquired and adjudicated by the A.O. The ld. Pr. CIT has not accepted the reply of the assessee stating that decree amount was not doubtful as the auditor has certified that the amount was receivable from Mukut Pipes Ltd. The ld. Pr. CIT was of the view that the Assessing Officer has not made details and case specific inquiries with regard to interest income not offered to tax. The ld. Pr. CIT after placing reliance on the decision of Hon'ble Supreme Court in the case of Malabar Industrial Co. Ltd. vs. CIT (SC) 243 ITR 83 held that the order passed by the Assessing Officer was erroneous and prejudicial to the interest of Revenue.On perusal of the material on record, it is observed that during the course of assessment proceedings, the Assessing Officer has enquired on the aforesaid issue vide letter dated 03-02-2014. The gist of the para 2(1) and 2(ii) of the said letter vide which the Assessing Officer has made specific enquiry on the issue is reproduced as under:-"2. Since some details are required to complete the assessment, you are to submit the following further details/information :(i) On going through Auditors' Report, it is seen that in paragraph (f)(i) the auditors have mentioned that an amount of Rs.6,94,51,399/- due from Mukat Pipes Ltd. considered as recoverable by the management and an amount of Rs,2,67,66,831/- due from Karnataka Power Corporation Ltd. included in other current assets considered recoverable by She management.(ii) Similarly, as per Schedule-20(Notes forming part of the Accounts) the Auditors have mentioned as under:4. City Civil Court at Ahmedabad vide its order dated 30/04/2007 has dismissed Civil Suit filed by M/s. Mukat Pipes ltd. against the company and passed decree order for Rs.4,53,64,640/- with 12% interest and cost of the suit in favour of the company. Based on the order company has initialed actions for recovery of decretal amount, in terms of decree the company has recognised interest of Rs.2,40,86,760/ on the decretal amount for the period from date of suit till 31-03-2009."It is noticed as per letter dated 12-02-2014 placed at page 57 to 59 of the paper book the assessee had submitted the details in respect of issue of not showing interest income from Mukut Pipes Ltd. The relevant part of the letter addressed to the Assessing Officer by the assessee is reproduced as under:-"1. In Para 2 of your letter, it has been stated by you that the auditor has mentioned/in amount of Rs.6,94,51,399/- due from Mukut Pipes Ltd. is considered good and recoverable by the management and an amount of Rs.2,67,66,831/- due from Karnataka Power Corporation Ltd. is also considered recoverable by the management. Accordingly, you have asked us to explain why interest has not been charged on the aforesaid amount. In this regard, we would like to clarify that as a result of Civil Suit filed by us against Mukut Pipes Ltd., the court has passed decree order for Rs.4,53,64,640/- with 12% interest and accordingly we recognized interest income at Rs.2,40,86,760/- on decretal amount for the period from the date of suit till 31.03.2009. It is submitted that inspite of having Court decree, we have not received. anything towards the principal or interest from Mukut Pipes Ltd. and there is no certainty of receiving the same, and therefore, the question of charging interest thereon does not arise. Similarly, amount of Rs.2,67,66,831/- due from Karnataka Power Corporation Ltd., it is submitted that the same is on account of encashment of bank guarantee given by the company to Karnataka Power Corporation Ltd. The company has filed a suit in the Court of Recovery of this amount. The bank guarantee given by us was for the purpose of obtaining work from Karnataka Power Corporation Ltd. However, on account of some delay for execution of work, the said Corporation has encashed the bank guarantee. As the suit has been filed for recovery of this amount, the question of charging any interest does not arise.1.2 It is further submitted that it is well settled/that there is uncertainty of realization of income, question of recognizing the same in the books of accounts does not arise. As per the provisions of Income-tax Act, 1961, only real income can be brought to tax and no notional income can be added. This contention is supported by following decisions:i) Commissioner of Income-tax, Delhi-IV v. Eicher Ltd. (2010) 320ITR 410 (Delhi)ii) Commissioner of Income-tax vs. Kailash Auto Finance Ltd. (2010) 320 ITR 394 (All)iii) Commissioner of Income-tax v, Vasisth Chay Vyapar Ltd. (2011) 330 ITR 440 (Delhi)iv) Commissioner of Income-tax vs. Coimbatore Lakshmi Inv. & Finance Co. Ltd. (2011) 331 ITR 229(Mad)v) Commissioner of Income-tax v. Indbank Housing Ltd. (2009) 224 CTR 297 (Mad)vi) ANZ Grindlays Bank Ltd. v. Commissioner of Income-tax (2011) 250 ITR 125 (Cal)vii) CIT vs. KICM Investments Ltd. (2009) 310 ITR (St) 4 (SC)2. In Para (ii) you have asked us to explain the note put up by auditor in respect of inventories of construction material stating that the same inventory of Rs.23,59,962/- lying in the possession of Karnataka Power Corporation. In F.Y.2006-07, we obtained the work from said Corporation and due to dispute, as mentioned in preceding paragraph, they uncalled the bank guarantee and they also took the possession of inventories lying at the site, which is belonging to company, and therefore, by way of disclosure, the auditor has disclosed the same in audited accounts by way of note. We hope this will clarify the issue."The assesse has categorically explained that as a result of decree order it has recognized interest income at Rs. 2,40,86,760/- on the decretal amount for the period from the date of suit till 31.03.2009. But in spite of having court decree it has not received anything toward the principal or interest from Mukut Pipes Ltd and there was no certainty of receiving the same. During the course of assessment proceedings, the assessee has placed reliance on a number of judicial pronouncements mentioned in para 3 of its submission pointing out that there was uncertainty of realization of income therefore same was not recognized in the books of accounts. It is also submitted on this issue before the Assessing Officer that only real income can be brought to tax and no notional income can be added. The ld. counsel has also placed reliance on the case of CIT vs. Reliance Communication Ltd. (2016) 76 taxmann.com 226 (SC) wherein the Hon'ble Supreme Court sustained the finding of the Tribunal that Assessing Officer has made detailed enquiries and mere fact that he did not make any reference to said issue in assessment order, could not make said order erroneous and prejudicial to interest of revenue. Reliance was also placed in the case of CIT vs. Arvind Jewellers (2002) 124 taxman 615 (Guj) wherein Hon'ble High Court of Gujarat held that since material was there on record and said material was considered by ITO and a particular view was taken mere fact that different view could be taken, should not have been basis for an action under section 263 of the Act. After perusal of the material on record and copies of letter issued by the Assessing Officer and relied by the assessee during the course of assessment proceedings u/s. 143(3), it is evident that the Assessing Officer has made specific inquires with respect to the issue of acc

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rual of interest income in pursuance of order of the Civil Court and the assessee has given a detailed explanation in that regard by a letter in writing. All these were part of the record of the case. The Pr. CIT has placed reliance on the order of Hon'ble Supreme Court in the case of Malabar Industrial Co. Ltd. We consider that facts of the case of the assessee are distinguishable from the facts of the case of Malabar Industrial Co. Ltd. Vs. CIT (SC) 243 ITR 83. In that case, the Assessing Officer has accepted the entry in the statement of the account filed by the assessee in the absence of any supporting material and without making inquiry. However, in the case of the assessee, the Assessing Officer has made specific inquiry on the issue of recovery of decretal amount vide letter dated 03-02-2014 and the assessee has submitted the detail of not showing such interest income vide letter dated 12.02.2014 during the course of assessment proceedings. Such details are reproduced and discussed supra in this order. It is demonstrated from above discussion that in the case of the assessee, the Assessing Officer has made specific inquiry and there was material on record before framing assessment order. We observe that ld. Pr. CIT was not justified in holding that the Assessing Officer has not made specific enquiries with regard to interest income. In the light of the facts and findings as elaborated supra in this order we consider that order passed under section 263 of the Act is not sustainable in law, therefore, order passed u/s. 263 is quashed. Accordingly, the appeal of the assessee is allowed. Since we have quashed the proceedings made u/s. 263 of the Act, therefore, it is not required to adjudicate the appeal of the assessee on merit.10. In the result, the appeal filed by the assessee is allowed.
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