Mahavir Singh, Judicial Member - Appeal No. 488/K/2011 filed by assessee is arising out of revision order of CIT (Central-1), Kolkata in M. No. CIT(C-1)/263/SP JAISWAL ESTATES P. LTD./Tech/10-11/Kol/11212-14 dated 01.03.2011. Assessment was framed by DCIT, C.C.-IV, Kolkata u/s. 143(3) of the Income-tax Act, 1961 (hereinafter referred to as "the Act") for Assessment Year 2006-07 vide dated 22.12.2008. Likewise, Appeal No.525/K/201 filed by assessee is arising out of order of CIT(A), Central-1, Kolkata in appeal No.131/CC-IV/CIT(A),C-1/09-10 dated 31.01.2011. Assessment was framed by ACIT, CC-IV, Kolkata u/s. 143(3) of the Income-tax Act, 1961 (hereinafter referred to as "the Act") for Assessment Year 2007-08 vide dated 29.12.2009.

2. First we take up ITA No. 488/Kol/2011. This appeal of assessee is against the revision order passed by CIT u/s. 263 of the Act, revising the assessment framed u/s. 143(3) vide assessment order dated 22.12.2008. At the outset, Ld. Counsel for the assessee fairly stated that the AO while passing consequential order i.e. order u/s. 263 r.w.s. 143(3) of the Act dated 14.10.2011 has accepted the total income computed by AO u/s. 143(3)/251/154 dated 24.02