KATTA NARAIAH Vs. THE INCOME TAX OFFICER

JUDGEMENT

(1.) THESE are cross appeals by assessee and Revenue against the order of the Commissioner of Income Tax (Appeals), Guntur dated 24 -01 -2014.

(2.) BRIEFLY stated, assessee is an individual engaged in subcontract works with KNR Constructions Ltd., Hyderabad and in the assessment made u/s. 143(3) of the Income Tax Act (Act), Assessing Officer made the following additions/disallowances:

(3.) LD . DR vehemently argued that this was an after thought to explain the discrepancy and the addition made by Assessing Officer is perfectly valid. He also submitted that there is no net amount payable to KNR Constructions Ltd., Hyderabad towards boulder expenses or labour expenses, therefore, assessee's explanation that only net amount was taken to Balance Sheet cannot be accepted.