https://www.taxtmi.com/caselaws?id=447180 ITAT Kolkata held that AO erred in conducting assessment based on GAAP financial statements when assessee was required to prepare statements under Ind AS from FY 2017-18 onwards. AO examined inflated land cost using GAAP-based statements and percentage completion method, ignoring revised Ind AS statements filed during proceedings. Since GAAP statements became non-est after Ind AS adoption and CIT(A) summarily dismissed appeal without reasoning, ITAT restored matter to AO for de-novo assessment based on revised Ind AS financial statements. Appeal allowed for statistical purposes. en-us Mon, 16 Oct 2023 00:00:00 +0530 Wed, 20 Dec 2023 06:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447180 ITAT Kolkata held that AO erred in conducting assessment based on GAAP financial statements when assessee was required to prepare statements under Ind AS from FY 2017-18 onwards. AO examined inflated land cost using GAAP-based statements and percentage completion method, ignoring revised Ind AS statements filed during proceedings. Since GAAP statements became non-est after Ind AS adoption and CIT(A) summarily dismissed appeal without reasoning, ITAT restored matter to AO for de-novo assessment based on revised Ind AS financial statements. Appeal allowed for statistical purposes. Case-Laws Income Tax Mon, 16 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447180