ITAT Restores Revenue Deferral Case as Assessee Failed to Provide Details

Gujarat State Road Development Corporation Ltd Vs DCIT (ITAT Ahmedabad) Income Tax Appellate Tribunal (ITAT) Ahmedabad has directed a de novo assessment for Gujarat State Road Development Corporation Ltd. (the Assessee) for the Assessment Year 2017-18. The decision, dated June 14, 2024, came in response to an appeal filed by the Assessee challenging an order from the Commissioner of Income Tax (Appeals) [CIT(A)], National Faceless Appeal Centre (NFAC), Delhi, which had upheld an addition of Rs. 4,66,86,192 to the Assessee’s income. The Core Dispute: Deferred Revenue Recognition The dispu...