https://www.taxtmi.com/caselaws?id=757305 The ITAT Chandigarh allowed the assessee's appeal against an adjustment made under ICDS (Indian Accounting Standards) in an intimation u/s 143(1). The case was selected for scrutiny to examine ICDS compliance. The AO issued notices seeking information about the assessee's claim, which was duly provided with necessary documentation. During assessment proceedings, the AO examined the matter and made no adverse findings, effectively accepting the assessee's claim. However, while computing income, the AO failed to delete the ICDS adjustment from the s.143(1) intimation despite having accepted it during scrutiny. The ITAT found this error apparent from records and directed deletion of the adjustment, setting aside the CIT(A)'s order. en-us Fri, 02 Feb 2024 00:00:00 +0530 Thu, 22 Aug 2024 09:08:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757305 The ITAT Chandigarh allowed the assessee's appeal against an adjustment made under ICDS (Indian Accounting Standards) in an intimation u/s 143(1). The case was selected for scrutiny to examine ICDS compliance. The AO issued notices seeking information about the assessee's claim, which was duly provided with necessary documentation. During assessment proceedings, the AO examined the matter and made no adverse findings, effectively accepting the assessee's claim. However, while computing income, the AO failed to delete the ICDS adjustment from the s.143(1) intimation despite having accepted it during scrutiny. The ITAT found this error apparent from records and directed deletion of the adjustment, setting aside the CIT(A)'s order. Case-Laws Income Tax Fri, 02 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757305