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The ITAT upheld the CIT(A)'s order deleting additions made by the AO. On closing stock under the Percentage Completion Method, it affirmed that there was no dispute on project parameters and that the difference arose solely from the AO's computational error in recognizing turnover, warranting deletion of the addition. Regarding addition under s.43CA on sale of immovable property, the ITAT agreed that stamp duty valuation must correspond to the year of the agreement to sell, not the subsequent sale deed, and found no error in CIT(A) accepting additional evidence. Further, interest on service tax and TDS was held compensatory, not penal, and allowable as deduction.
The ITAT upheld the CIT(A)'s order deleting additions made by the AO. On closing stock under the Percentage Completion Method, it affirmed that there was no dispute on project parameters and that the difference arose solely from the AO's computational error in recognizing turnover, warranting deletion of the addition. Regarding addition under s.43CA on sale of immovable property, the ITAT agreed that stamp duty valuation must correspond to the year of the agreement to sell, not the subsequent sale deed, and found no error in CIT(A) accepting additional evidence. Further, interest on service tax and TDS was held compensatory, not penal, and allowable as deduction.
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