NANDI CONSTRUCTIONS Vs. THE STATE OF KARNATAKA

JUDGEMENT

(1.) THESE revision petitions are filed by the assessee challenging the order of the Tribunal dated 16.1.2015 whereby the appeals of the assessee have been dismissed.

(2.) THE brief facts of this case are that the assessee is a builder and civil works contractor, carrying on the business of construction and sale of apartments. For the relevant tax periods, the assessee had sold some apartments, for which it had disclosed the sale consideration, out of which the cost of the land was disclosed in the returns at 45% and consequently paid tax on the sale consideration minus the land cost. The assessing authority did not accept the land cost at 45%, but instead assessed it at 40% and assessed the tax. The assessee challenged the assessment order by filing the appeals, where it claimed the land cost to be 50% of the sale consideration, instead of 45% as had been claimed in the returns.

(3.) WE heard Sri T.N. Keshava Murthy, learned advocate for the petitioner as well as Sri K.M. Shivayogiswamy, learned Government Advocate appearing for the respondent and perused the records.