GST Turnover Differences Not Taxable if Already Recognized; Notional IND-AS Interest Not Taxable Without Real Accrual

ACIT Vs PNC Rajasthan Highways Pvt. Ltd (ITAT Delhi) The appeal was filed by the Revenue against the order of the Commissioner of Income Tax (Appeals) for Assessment Year 2020–21. The assessee, an infrastructure construction company operating as a special purpose vehicle (SPV), had originally declared a loss of Rs. 24.33 crore. However, the Assessing Officer (AO) assessed income at Rs. 220.34 crore after making two additions: (i) Rs. 218.61 crore due to alleged differences between turnover reported in the Profit & Loss account and GST invoices, and (ii) Rs. 26.06 crore as interest income...