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10-07-2019, L & T SUCG JV JV CC 27, Section 40A(2)(b), 37, 154, Tribunal Delhi

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1 week 1 day ago #10025 by amit
Section - 40A(2)(b), 37, 154, 43A, 17(2)
Order Date - 10-07-2019
Favouring - Assessee Partly
Court - Tribunal Delhi
Appellant - L & T SUCG JV JV CC 27
Respondent - ACIT
Justice - BHAVNESH SAINI JM & O.P. KANT AM
Citation - 719Taxpundit119
Appeal No. - ITA.No.4351/Del./2018
Asstt. Year - 2014-2015

Order

PER : BHAVNESH SAINI, J.M.

Both the cross-appeals are directed against the Order of the Ld. CIT(A)-20, New Delhi, Dated 30.03.2018, for the A.Y. 2014-2015. Assessee’s appeal is filed on following grounds :

“GROUND-1

Addition of Negative Inventory of Rs. 7,70,79,009/-

The Commissioner of Appeal - 20 (Delhi) [ CIT(A)] erred in law and on facts of the case by confirming an amount of Rs. 7,70,79,009/- on account of negative inventory without appreciating the fact that there is no negative inventory as at 31.03.2013.

The appellant respectfully prays that the directions of the CIT (A) to the AO be quashed and AO be directed to delete the addition of Rs. 7,70,79,009/- on account of Inventory .

GROUND No.2

Addition of Rs.4,77,817/-.

The CIT(A) erred in law and on facts of the case by confirming an amount of Rs.4,77,817/- on account of mismatch in the physical and book balance of diesel without appreciating the explanations submitted by the appellant.

The appellant respectfully prays that the directions of the CIT (A) to the AO be quashed and AO be directed to delete the addition of Rs.4,77,817/- on account of
Diesel.

GROUND- 3

Addition of Rs.2,40,00,000/-

The CIT(A) erred in law and on facts of the case by confirming an amount of Rs.2,40,00,000/- on account of mismatch in the physical and book balance of Steel as reported by the Special Auditor without appreciating the explanations submitted by the appellant.

The appellant respectfully prays that the directions of the CIT (A) to the AO be quashed and AO be directed to delete the addition of Rs.2,40,00,000/- on account alleged discrepancy in the stock of Steel.

Ground 4 - Addition of Rs.25,00,000/-.

The CIT(A) erred in law and on facts of the case by confirming an amount of Rs. 25,00,000/- on account of alleged stock of scrap determined based on theoretical computation without appreciating the explanations submitted by the appellant.

The appellant respectfully prays that the directions of the CIT (A) to the AO be quashed and AO be directed to delete the addition of Rs. 25,00,000/- on account of alleged discrepancy in stock of scrap.

GROUND-5

Disallowance of amortization expenses of Rs.1,54,12,773/-

The CIT(A) erred in law and on facts of the case by confirming disallowance of Rs.1,54,12,773/- by treating the same as depreciation as against the amortization of expenses. In doing so, the CIT(A) failed to appreciate the fact that the appellant had in fact amortized these expenses over the lifetime of the project.

The appellant respectfully prays that the directions of the CIT(A) to the A.O. be quashed and A.O. be directed to allow an amount of Rs.1,54,12,773/- on account of amortization expenses.

GROUND -6

Disallowance of depreciation on alleged Excess payment for acquiring Fixed Assets of Rs.18,52,44,595/-

The CIT(A) erred in law and on facts of the case by confirming disallowance of depreciation claimed on

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