ITAT Deletes ₹3.92 Cr Addition on Suppressed Revenue Due to Arithmetical Error

 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 The addition was originally made for alleged suppressed revenue in a construction project for the assessment year 2017-18.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...