Incorrect Income Reporting by Assessee, ITAT Restores Appeal to AO for Reassessment

MBM Developers Vs DCIT (ITAT Bangalore) Income Tax Appellate Tribunal (ITAT) Bangalore heard the appeal filed by MBM Developers against the National Faceless Appeal Centre (NFAC) regarding income assessment for the year 2018-19. The case arose from an assessment order under Section 143(3) read with Section 144B of the Income Tax Act, 1961, which determined the taxable income at ₹4.16 crore after adding ₹2.92 crore due to discrepancies in income recognition under the Percentage Completion Method (PCM). The Assessing Officer (AO) found that MBM Developers had misallocated expenses, leading t...