M/s Lalith Gangadhar Constructions Private Limited , Bangalore Vs. The Deputy Commissioner of Income Tax Circle-4(1)(1), Bangalore

Last updated: 13 October 2020

Court :
ITAT Bangalore

Brief :
The appeal filed by the assessee is directed against the order dated 05-01-2018 passed by Ld CIT(A)-9, Bangalore and it relates to the assessment year 2012-13.

Citation :
ITA No.1124/Bang/2018

IN THE INCOME TAX APPELLATE TRIBUNAL
BANGALORE BENCHES “ C ” BENCH: BANGALORE
BEFORE SHRI N.V. VASUDEVAN, VICE PRESIDENT
AND SHRI B.R. BASKARAN, ACCOUNTANT MEMBER

ITA No.1124/Bang/2018
(Assessment Year: 2012-13)

M/s. Lalith Gangadhar Constructions Pvt. Ltd.,121, Rest Giyse Riad,Bengaluru-560 001
Appellant
PAN AABCL 3625L

Vs.

Dy. Commissioner of Income Tax,Circle 4(1)(1), Bengaluru.
Respondent.

Assessee By: Shri V. Srinivasan, Advocate.
Revenue By: Smt. R. Premi, JCIT (D.R)
Date of Hearing : 05.10.2020.
Date of Pronouncement : 09.10.2020.

O R D E R

PER SHRI B.R. BASKARAN, A.M. :

The appeal filed by the assessee is directed against the order dated 05-01-2018 passed by Ld CIT(A)-9, Bangalore and it relates to the assessment year 2012-13.

2. The assessee is aggrieved by the decision of Ld CIT(A) in confirming disallowance of claim of Rs.2,51,54,293/-, being loss arising on valuation of inventory (which is nothing but accumulated expenses of earlier years included as part of work-in progress).

3. The assessee is a private limited company and is engaged in housing and real estate development. It was incorporated in the financial year 2007-08. According to Ld A.R, the business of the assessee was set up in that year itself. It was incorporated for carrying on the business of housing and real estate developments. It did not report any business income till the assessment year 2011-12. Only during the year under consideration, i.e.,in the year relevant to assessment year 2012-13, it reported business income, since it undertook construction of a residential project.

To know more in details find the attachment file