The Commissioner Of Income Tax-9 v. M/S. Sat Builders & Developers P. Ltd

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO. 1040 OF 2011 The Commissioner of Income Tax-9versus ..Appellant M/s. Sat Builders & Developers P. Ltd. ..Respondent -------- Mr. Suresh Kumar for the Appellant. Mr. Ajeet A. Manwani for the Respondent. ............. P.C.: CORAM : J.P. DEVADHAR & M.S.SANKLECHA, JJ. DATE : 31[st] January, 2013 In this appeal by the revenue, the following questions have been formulated for our consideration: a)Whether on the facts and in circumstances of the case and in law the ITAT erred in confirming the action of the CIT(A) in deleting the addition of Rs.17,66,073/- made on account of estimated profit from Vasant Vihar Project without considering the fact that the assessee had received sale consideration of Rs. 1,17,73,820/- from the said project and as such the action of the A.O. is very much in accordance with law? b)Whether the ITAT is correct in holding that the case of Champion Construction v/s. ITO (5 ITD 495) is not applicable?” 2 In the impugned order, the Tribunal records the fact that the profits declared by the respondent-assessee have been accepted on project completion basis for the assessment year 2007-08. The present appeal deals with assessment year 2005-06. Since, it is an admitted position that the income from the project have been already been assessed to tax for the assessment year 2007-08, we see no reason to entertain the present appeal. 3Accordingly, the appeal is dismissed with no order as to costs. (M.S. SANKLECHA, J.) (J.P.DEVADHAR, J.)