https://www.taxtmi.com/highlights?id=73689 Inflated cost of land - GAAP v/s Ind AS for financial statement recording - As per the guidelines given by the Government of India, the assessee was required to prepare the financial statements for FY 2017-18 and onwards as per Ind AS which is a new system of accounting - The financial statements prepared as per GAAP became non-est during the course of assessment proceedings itself. - AO directed for de-novo adjudication based on the revised financial statement - AT en-us Wed, 20 Dec 2023 09:37:41 +0530 Wed, 20 Dec 2023 06:51:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=73689 Inflated cost of land - GAAP v/s Ind AS for financial statement recording - As per the guidelines given by the Government of India, the assessee was required to prepare the financial statements for FY 2017-18 and onwards as per Ind AS which is a new system of accounting - The financial statements prepared as per GAAP became non-est during the course of assessment proceedings itself. - AO directed for de-novo adjudication based on the revised financial statement - AT Highlights Income Tax Wed, 20 Dec 2023 09:37:41 +0530 https://www.taxtmi.com/highlights?id=73689