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ITAT Deletes ₹3.92 Cr Addition on Suppressed Revenue Due to Arithmetical Error
Case Law Details
- Case Name
- I.P. Constructions Private Limited Vs ACIT (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Delhi
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I.P. Constructions Private Limited Vs ACIT (ITAT Delhi)
The Income Tax Appellate Tribunal (ITAT) in Delhi has deleted a tax addition of ₹3.92 crore against I.P. Constructions Private Limited, ruling that the Assessing Officer (AO) had made a fundamental arithmetic mistake. The addition was originally made for alleged suppressed revenue in a construction project for the assessment year 2017-18.
The case originated from an assessment under Section 143(3), where the AO had calculated the percentage of project completion as 90.73%. This calculation led to the significant addition to the compan...
