Mere Wrong Audit Report Entry Can’t Justify U/s 143(1) Disallowance: ITAT Kolkata

Concord Fortune Minerals India Pvt. Ltd. Vs ACIT (ITAT Kolkata) Wrong Audit Report Entry Corrected – Disallowance Made u/s 143(1) Deleted The Kolkata ITAT allowed the assessee’s appeal and deleted the addition of ₹40.95 lakh made under Section 143(1) on the basis of a mistaken entry in the Tax Audit Report. The Tribunal noted that the auditor had wrongly reported club expenditure of ₹41,42,088 instead of the correct figure of ₹41,421 in clause 21(a) of the audit report. This clerical error was subsequently rectified by filing a revised tax audit report. The Tribunal held that the CIT...