https://www.taxtmi.com/caselaws?id=766527 An addition for alleged suppression of sales was rejected where the assessment rested on a comparison of opening and closing work-in-progress and an assumption of out-of-books sales. The appellate authority examined the project-wise receipts and construction costs, found that the assessee was engaged in construction activity rather than sale of properties, and held that the Assessing Officer had misunderstood the accounts. The Tribunal found no infirmity in that factual and accounting-based finding, and noted that the same order had already been affirmed in the assessee's appeal; the deletion of the major part of the addition was therefore upheld. en-us Mon, 24 Feb 2025 00:00:00 +0530 Thu, 27 Feb 2025 08:14:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766527 An addition for alleged suppression of sales was rejected where the assessment rested on a comparison of opening and closing work-in-progress and an assumption of out-of-books sales. The appellate authority examined the project-wise receipts and construction costs, found that the assessee was engaged in construction activity rather than sale of properties, and held that the Assessing Officer had misunderstood the accounts. The Tribunal found no infirmity in that factual and accounting-based finding, and noted that the same order had already been affirmed in the assessee's appeal; the deletion of the major part of the addition was therefore upheld. Case-Laws Income Tax Mon, 24 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766527