8% Profit Addition Deleted as Revenue cannot Change Consistent Accounting Method: ITAT Delhi

Devona Constructions Limited Vs DCIT (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT), Delhi, disposed of cross-appeals filed by the assessee and the Revenue for Assessment Year 2021-22 arising from the order of the Commissioner of Income Tax (Appeals) [CIT(A)]. The assessee, engaged in the business of real estate construction, had declared a loss, but the Assessing Officer (AO) made several additions, including estimation of profit on work-in-progress (WIP), disallowance of interest expenditure under Section 36(1)(iii), addition under Section 41(1) for alleged cessation of liability, and...