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The ITAT held that the AO was not justified in changing the recognized method of accounting and estimating profits without first rejecting the assessee's regularly maintained and audited books of account. It found that the ld. CIT(A), while adopting the percentage completion method based on audited data up to AY 2019-20, had omitted material factual aspects subsequently clarified by the assessee. Upon considering the complete and updated financial data up to AY 2022-23, the ITAT concluded that the correct position for both years under appeal reflected a loss, not profit. Consequently, the additions made by the AO and partly sustained by the ld. CIT(A) were deleted in full.
The ITAT held that the AO was not justified in changing the recognized method of accounting and estimating profits without first rejecting the assessee's regularly maintained and audited books of account. It found that the ld. CIT(A), while adopting the percentage completion method based on audited data up to AY 2019-20, had omitted material factual aspects subsequently clarified by the assessee. Upon considering the complete and updated financial data up to AY 2022-23, the ITAT concluded that the correct position for both years under appeal reflected a loss, not profit. Consequently, the additions made by the AO and partly sustained by the ld. CIT(A) were deleted in full.
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